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The Algerian government ratified the fund as a follow-up stage to an initial exploration project between PetroVietnam Investment and Development Co PIDC), an affiliate of PetroVietnam, and Algerian Sonatrach in July 2002. PIDC now holds 40 per cent of the shares while its new partner, Thai PTT Exploitation and Production Plc, holds 35 per cent for this stage of the project and the remainder is owned by Sonatrach, PetroVietnam said. The three partners are eligible to exploit two oil fields in plots 433a and 416b in Touggourt, Algeria. Source: Business in Asia Today - Sept 5, 2006 published by Asia Pulse | ||||||||||||||||||
PetroVietnam to invest US$208 mln in Algeria