CAIRO: Egypt and Algeria on Tuesday signed a memorandum of understanding for cooperation in the fields of gas, oil and mines.
Tarek El-Molla, Egypt’s minister of petroleum and mineral resources, and Mohammed Arkab, Algeria’s minister of energy and mines, signed the documents.
The deal covers cooperation in the marketing of petroleum products, especially butane, and in the research, exploration and production of oil and gas.
It also lays the groundwork for collaboration in the establishment of a company — whose scope of activity covers all of Africa — to carry out joint studies and projects, in the conversion of conventionally fueled cars into natural gas-powered vehicles and in the exchange of expertise in national strategies for improving the hydrogen industry.
The two sides also agreed to form a joint team to execute the activities outlined in the MoU.
El-Molla said the two countries are also aiming to establish a company to work on projects for the petroleum industry.
Meanwhile, Arkab said Algeria is working to build on its relations with Egypt and invest in the country, pointing to the successes achieved by Egyptian companies in Algeria, such as Petrojet. He added that there are areas of cooperation that can be expedited, such as petrochemical projects.
In February, Egypt’s President Abdel Fattah El-Sisi, during a phone call with his Algerian counterpart, Abdelmedjid Tebboune, reaffirmed the fraternal relations between the two countries, as well as Cairo’s aspiration to advance bilateral cooperation at various levels.
El-Sisi said Egypt sought to expand trade and investment with Algeria, as well as strengthen security and military ties.
