ALGIERS, Algeria’s Sonatrach signed Tuesday a memorandum of understanding (MoU) with Canada’s Stream-Flo Industries Ltd on setting a joint company on the manufacturing of equipment related to gas and oil.
The memo will enable the two parties to manufacture components of wellheads, production heads and Oil and Gas equipment accessories, the Algerian company said in a statement.
The Canadian Stream-Flo Industries Ltd is globally recognized and it has technical and technological resources as well as expertise in production, maintenance and marketing of wellheads components, production heads and relevant services, it added.
The MoU is part of Sonatrach’s strategy aimed at reinforcing control of processes pertaining to its development plan, through setting up high added-value partnerships, it made clear.
The step eyes local manufacturing of high tech-oil equipment, provision of related services and knowledge transfer, it noted.
The MoU was signed, in the presence of CEO of Sonatrach Rachid Hachichi and CEO of
Stream Flo Industries Ltd.
Source: Kuwait News Agency
