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Algeria, Brazil Sign Natural Gas Accord

05-28-2007

Algerian and Brazilian State-run Oil Companies Sonatrach and Petrobas signed an agreement to deliver liquefied natural gas to Brazil.

The agreement, undersigned on Satruday, deals with the sale of that product to the Brazilian market and specifies that Petrobras will begin importations by 2008.

Delivery is to be made via two floating terminals, one in Guanabara in the Rio de Janeiro region and another in Pecem, in Ceara State.

That fuel will primarily be for the generation of electric energy, say sources.

The two companies also signed a memorandum of understanding covering development, exploration, commercialization, hydrocarbons prospecting and exploitation in land and sea in the two countries, as well as collaboration in oil refining and petrochemical industry.

The accord was signed by Sonatrach chief Mohamed Meziane and his Brazilian counterpart, Jose Sergio Gabrieli, present at the signing ceremony Algerian Energy Minister Chakid Khelil.