Algeria's Sonatrach, China's Sinopec sign $850 million contract for hydrocarbon development

Algeria's Sonatrach and China's Sinopec have entered into an $850 million hydrocarbon exploration and development contract, Sonatrach announced Tuesday. CEO Rachid Hachichi, speaking at the signing, disclosed ongoing contract negotiations with several major international firms, including Sinopec, Italy's Eni, France's Total, and U.S. companies Chevron and ExxonMobil, as well as a Swedish entity, as reported by the Algerian state news agency.