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China Petroleum & Chemical Corporation International Petroleum Exploration & Development Co.
, Ltd.
and Algerian Petroleum Corporation held a signing ceremony in Algiers on May 28, and the two sides will invest US$490 million to jointly develop the Zal Zaitin oil field in the eastern Algerian province of Ilizi, of which Chinese investment accounts for 70%.
Algeria's Minister of Energy and Minerals Mohammed Alkab said at the signing ceremony that Algeria has plans
to increase oil production in cooperation with foreign partners to ensure energy security.
He praised Sinopec Group's advanced technology and looked forward to continued cooperation
between the two enterprises on the basis of mutual benefit and win-win results.
Chen Zhong, economic and commercial counselor at the Chinese Embassy in Algeria, said that the signing of the contract reflects the traditional friendship and mutually beneficial cooperative relationship
between China and Algeria.
The Zal Zaitin field is located about 1,500 km southeast of Algiers
.
The new contract includes drilling of 12 development wells within the block, re-completion of six existing wells, maintenance of existing facilities and reduction of carbon emissions
.
