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Oil major Total signs new deal with Algeria's Sonatrach and settles earlier disputes
April 10, 2017 / 1:34 PM / 6 months ago

Oil major Total signs new deal with Algeria's Sonatrach and settles earlier disputes

PARIS (Reuters) - Algerian state-owned energy company Sonatrach and French oil major Total (TOTF.PA) have signed a new deal to strengthen their existing partnership and have agreed to settle earlier disputes, the companies said on Monday.

Workers of French oil giant Total gather in front of the oil refinery in Donges, France, May 26, 2016. REUTERS/Stephane Mahe/File Photo

They said the new deal would allow them to expand their partnership on new upstream projects, with a new contractual framework for the Timimoun project, as well as continued joint operations for the Tin Fouye Tebenkort (TFT) gas field.

They added they had agreed to settle amicably earlier disputes between the two companies, which had seen Total seeking arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s.

Reporting by Sudip Kar-Gupta; Editing by Sarah White

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