Energy Group sonatrach to build centre worth $500 million in algeria

Energy Group, Sonatrach to Build Centre Worth $500 Million in Algeria

12-26-2007

Algerian state energy group Sonatrach will set up a business centre in western Algeria to hold its most important events and conclude agreements with different countries and oil companies in the world, according to a release issued on Tuesday.

The centre which is expected to cost $500 million will be inaugurated after two years to host the proceedings of the 16th International Conference on natural gas due to be held in April, 2010.

Sonatrach’s international business centre is located in a strategic and touristy place in east coast side of Oran Province. It contains a conference palace, a show palace, a high-class hotel and subsidiary structures of the group.

Oran has been chosen for the centre as it is the second important city in Algeria in terms of economic, commercial and cultural importance after Algiers.

The city is located in western side of the Mediterranean Sea. It has a 150 km border with Morocco’s Oujda and a 200 km border with the Spanish city of Almeria.

Oran also has a 300 km western border with France and a 450 km southern border with Portugal. That means it is the closest Algerian city to Europe.