Oman's sovereign wealth fund signs preliminary agreement with Algeria to invest in a fund

The Oman Investment Authority has signed a preliminary deal with the Algerian Finance Ministry for establishing an investment fund in the amount of 115 million Omani Riyals ($298.79 Million).

According to an OIA statement, the fund announced by the sovereign wealth fund of the sultanate will focus on the mining, food and pharmaceutical industries.

The agreement was signed during the official visit of Oman's Sultan Haitham bin Tariq al-Said in the North African nation.

During the visit, several agreements were signed. These included a term sheet between Algerian state oil and natural gas company Sonatrach and Oman’s oil and drilling services firm Abraj Energy Services. The aim was to assess the feasibility of establishing a joint venture in oil services.

Sonatrach announced in a Monday statement that the term sheet details the technical, legal, economic, and commercial conditions for evaluating the establishment of an oil services joint-venture company in Algeria by the two companies.

According to the statement, the joint venture will concentrate on drilling, well service and management of integrated project in the Algerian Market.

(source: Reuters)