Middle East Economic Survey

VOL. XLVIII

No 49

5-December-2005

ALGERIA

Sonatrach Signs Joint-Venture Agreement With AET-Mitsui

Sonatrach on 27 November signed a joint-venture agreement with American Eagle Transport (AET)-Mitsui OSK Lines to acquire and charter three crude carriers: a 2mn barrels very large crude carrier (VLCC), a 1mn barrels SuezMax, and a 100,000 tons (equivalent to 785,000 barrels) AfraMax. Sonatrach holds 50% of the joint venture, while AET-Mitsui holds the remaining 50%. The...