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KBR Sold its Shares to Sonatrach and Withdrawing From Algeria

08-15-2007

The engineering and construction company KBR Inc is withdrawing from the Algerian oil market. The company said it has sold its interests in Brown and roots Condor Spa and other accounts to Algerian state-oil company Sonatrach.

According to KBR (former company of Halliburton co) the purchase price was 24 million dollars paid in Algerian Dinars. In March, the Algerian minister of energy Chakib Khalil revealed that Sonatrach seeks to buy the 49 percent of shares owned by KBR in order to take over Brown and Roots Condor.

For his part, William UTT president and chief executive officer of KBR said the company intends to withdraw its share of 20 million dollars in its partnership with Sonatrach. Kellogg Brown root and Sonatrach concluded a contract of 22.8 billion dollars last July in order to construct a liquefied gas factory at Skidada’s port (500km east of Algiers).

Last June, the Algerian intelligence agency started an investigation of 15 executives of BRC suspected of delivering information to foreigners. Abd el Moumen Oueld Kadour the president and chief executive officer has resigned and the owners have started the liquidation of the company.