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Turkey extends natgas supply deal with Algeria - report

Turkey extends natgas supply deal with Algeria - report muratart/Shutterstock.com

ANKARA (Turkey), January 28 (SeeNews) - Turkey and Algeria have renewed a natural gas supply agreement for another five years, local media reported, citing Algerian energy minister Mohammad Arkab.

The agreement, under which Algeria supplies Turkey with Liquefied Natural Gas (LNG), is seen to boost bilateral ties in the field of energy, business content provider Menafn reported on Monday.

The North African country holds 38% of Turkey's LNG supply market, Arkab was further quoted as saying on the sidelines of a business forum on Sunday.

Algeria is Turkey's fourth-largest natural gas supplier. In 2019 the two countries also agreed to jointly build a $1.4 billion (1.27 billion euro) petrochemical facility for the production of propylene and polypropylene (PP) in Turkey.

The petrochemical plant, 66%-owned by Turkey's Ronesans Holding and 34%-controlled by Algeria's Sonatrach, is expected to be completed within 24 months, Arkab also said, as reported by Menafn.

($ = 0.90744 euro)

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