Algeria awards French oil equipment firm Vallourec $250 million contract

Algeria awards French oil equipment firm Vallourec $250 million contract
Source: Fanack

Shares in French oil equipment firm Vallourec were up 8% on Tuesday after it won a contract from Algeria's Sonatrach worth more than $250 million in revenue. Vallourec is set to supply tubular goods (OCTG) to the oil-rich country until 2026. It comes at a time when French and Algeria relations have been under some strain.

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