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ALGIERS, Algeria, June 17 (UPI) -- Russian company Gazprom signed a memorandum of understanding with Algeria's state-run oil firm Sonatrach, establishing its first African energy relationship.
Gazprom Deputy Chairman Alexander Medvedev spoke at a ceremony in Algeria marking the formalizing of relations between the Russian energy giant and the Algerian state-run oil and gas firm.
The relationship, Medvedev said, "reflects our commitment to development of long-term, equal and mutually beneficial cooperation with one of the leading world participants in the market of hydrocarbons and the largest energy company of Africa," The Financial reported Tuesday.
Medvedev appointed the Algerian office as a regional representative of Gazprom, signaling a broader interest in North Africa.
The relationship may include work on the joint purchase of energy assets in other countries as well as investments in production facilities and pipelines, Medvedev said.
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