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Sonatrach and Versalis Team Up to Sign MoU Agreement

Versalis and Sonatrach agree to sign MoU agreement for Petrochemical Complex in Algeria

Algeria: Sonatrach, an Algeria based state owned hydrocarbon company, has signed an MoU agreement with Versalis, a wholly owned subsidiary of Eni S.p.A. The MoU agreement was signed to carry out, joint feasibility studies for a combined petrochemical complex to be established in Algeria.

The MoU describes in detail about the cooperation agreement signed between Sonatrach and Eni in November, 2016. Both the parties, under the agreement, aim at increasing the production of hydrocarbons and other value added petrochemical products by developing global scale petrochemical facility in Algeria.

TechSci Research depicts that the joint agreement between the two companies would strengthen their partnership and assist Versalis to collaborate with a leading oil companies across the region. Moreover, this would also help the companies to increase their penetration in the growing propylene market, as it is one of the primary petrochemical product.

According to “Global Propylene Market By Application, By Region, Competition Forecast and Opportunities, 2011 - 2025”, the global propylene market is forecast to grow at a CAGR around 6% during 2016-2025, on account of growing industrialization and rising demand for demand for eco-friendly paints across commercial and residential set ups. Additionally, announcements of various emerging OPT plants for propylene coupled with smooth trading practices between countries is boosting global propylene market. Furthermore, polypropylene is projected to dominate global propylene market, on account of increasing government regulations for reducing greenhouse gas emissions in environment supported by tremendous growth in the production of light commercial vehicles and packaging industries.

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