Middle East Economic Survey

VOL. XLVII

No 30

26-July-2004

ENERGY FINANCE

Sonatrach Signs Framework Deal With JBIC

Algerian state-owned oil and gas producer Sonatrach has signed a framework agreement with the Japan Bank for International Cooperation (JBIC) valued at $550mn. It is to be used to finance several commercial contracts with Japanese companies who have won construction or procurement bids. JBIC will take on 60% of the financing, with the remainder to be taken up by commercial banks. Nippon...