Algeria's Sonatrach signs MOU with Exxon to boost partnership

REUTERS | Algeria’s Sonatrach has signed a Memorandum of Understanding (MOU) with Exxon Mobil Corp to pave the way for talks on exploration opportunities in the OPEC member North African country, the state-owned firm said in a statement on Monday. Algeria has been seeking foreign partnerships to boost output and exports which have dropped in recent years due to growing domestic demand and a lack of foreign investment. The export volumes fall and a sharp drop in global crude oil prices have significantly hit the country’s energy earnings, the main source of state finances.

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