Sonatrach, Orascom Construction Reach Commercial Agreement On Sorfert Algérie

Sonatrach and OCI N.V. – the Dutch unit of Orascom Construction Industries S.A.E. (OCIC.CA) announced on Monday they have reached an agreement on the commercial and economic terms related to Sorfert Algérie (Sorfert), a 2 million metric ton per year (mtpa) Greenfield nitrogen fertilizer complex jointly owned by the parties.

Sonatrach and OCI have signed an amendment to the Shareholders’ Agreement agreeing on mutually beneficial arrangements, which will allow for the earliest possible start of production and commercial activities of the company.

Abdelhamid Zerguine, President Director General of Sonatrach, commented: “We congratulate both companies on this important achievement in the fertilizer industry, which reflects the will and commitment of both parties to work together to develop their joint investment in Algeria.”

Nassef Sawiris, Chief Executive Officer of OCI N.V. commented: “Having reached a milestone agreement that creates value for Sorfert’s shareholders, we look forward to continuing our successful long-term partnership with Sonatrach and to working closely on future joint investments.”