Algerian state oil firm Sonatrach signed an MoU with Shell’s trading arm on 1 April which “provides a framework for the firms to explore areas of cooperation on the supply and trading of crude oil, natural gas and petroleum products as well as on trade in environmental products.”
The move could mark a return to Sonatrach’s ambitions of delving into the trading world. The state-oil giant was planning to set up a joint oil trading venture with one of the big trading houses until as recently as 2019 (MEES, 1 March 2019). While there has been no movement on this front since, oil and gas market turbulence in the past year has highlighted vulnerabilities in Sonatrach’s marketing strategy (MEES, 8 January). (CONTINUED - 119 WORDS)