The Algerian Sonatrach and Canada's Ultramar Company (a subsidiary of the American Ultramar Diamond Shamrock Group), have signed a crude oil delivery contract (Sahara Blend quality) for a period of seven years. The binding treaty is valued at about $400 million per year (equivalent to 1.6 million barrels), the Algerian French Daily Horizon reported.
Quoting Mr. Bouhafs, the General Director of Sonatrach who signed the contract on behalf of the Algerian state-oil company, the source stated that the agreement represents the extension of the commercial cooperation that was established five years prior between Sonatrach and Ultramar.
© 2000 Mena Report (www.menareport.com)
