Oman, Algeria agree on $298m investment, energy deals

Oman Investment Authority (OIA) signed a preliminary agreement with Algeria’s Finance Ministry to establish a $298.79 million investment fund focused on mining, food security, and pharmaceuticals.

The deal was sealed during Sultan Haitham bin Tariq al-Said’s official visit to Algeria, which also saw multiple agreements, including a term sheet between Algeria’s Sonatrach and Oman’s Abraj Energy Services to explore a joint venture in oil services. The proposed venture would target drilling, well services, and integrated project management in Algeria.

Attribution: Reuters

Subediting: M. S. Salama