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FINANCIAL NEWS
Technip wins $908m contract in Algeria
26 Sep 2010
(MENAFN) Algerian state energy firm Sonatrach said that it has awarded a $908 million contract to France’s Technip to refurbish the Algiers refinery, Reuters reported.
Algeria has five major refineries with a combined capacity of about 26 million tones a year. The work at the Algiers refinery is part of a modernization plan which will also include building a new refinery at Tiaret, south-west of Algiers.
The Technip contract was the first big project awarded by Sonatrach since January, when the chief executive at the time and several senior executives were removed from their posts as part of an investigation into corruption.
Since then industry veteran Nourredine Cherouati was named as new Sonatrach chief executive, while long-serving energy minister Chakib Khelil was replaced in a government reshuffle.
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