Sonatrach S.p.A. (Algiers, Algeria), the International Bank for Reconstruction and Development (IBRD; Washington, D.C.) and the International Finance Corporation (IFC; Washington, D.C.), both members of the World Bank Group (Washington, D.C.), have signed a memorandum of understanding (MOU).
The MOU aims to identify and develop partnership and cooperation opportunities focused on reducing gas flaring and methane emissions, as well as accelerating the energy transition through the development of green hydrogen and its derivatives. It also covers the petrochemicals and fertilizers sectors, while considering collaboration prospects to enhance Sonatrach’s international expertise, notably in Africa.
The MOU was signed following a ceremony held on the sidelines of a workshop on climate finance and carbon markets, held Nov. 3–4 at the International Conference Center in Algiers.
The agreement focuses on technical assistance and best-practices sharing, including techno-economic studies, assessment of financing options and skills development. As the beneficiary, Sonatrach will ensure operational supervision of the MOU’s implementation.