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The CEO of the Algerian state-owned energy giant Sonatrach has said that the company is to restart negotiations with Venezuela regarding two liquefied natural gas (LNG) projects in the South American state.
Mohamed Meziane said that talks had previously been halted as the two parties disagreed on certain parts of the deal.
The conditions of the previous, which Sonatrach has described as “impossible”, included the 10% stake Petróleos de Venezuela (PdVSA) offered, the strict financial conditions and the financing of the various projects.
Sonatrach has identified South America as a major growth area and hopes to eventually generate 30% of its income in the area.
The company has also said it will invest US$2 billion outside of Algeria in the next five years.
