World: Saudi Arabia and Algeria seal oil partnership
The Vision 2030 of Crown Prince Mohammed bin Salman aims to reduce the country’s dependency on hydrocarbons and develop sectors such as tourism, renewable energy, and technology. Saudi Arabia seeks to attract foreign investments, acquire new technologies and expertise, and also invest abroad.
By diversifying its partnerships, the kingdom also aims to play a more influential role on the international stage while strengthening its economic resilience in the face of fluctuations in the oil market.
As part of a recent expansion of its international activities, Ades Holding, a Saudi-based oilfield services company, has entered into two significant contracts with Sonatrach, Algeria’s national oil company.
These five-year agreements involve the management of two land drilling platforms. The contracts between Saudi Arabia and Algeria reflect a strategic movement in the Algerian and Saudi oil sectors.
Valued at 296 million Saudi riyals, these contracts illustrate the significance of this partnership for both parties. Ades Holding, renowned for its expertise in the oilfield services sector, brings its experience and technological capabilities to the project.
