Japan gives loan to Algerian Sonatrach

Algerian official sources said that the Japanese Export and Import Bank, the governmental organization for financing exports, granted the Algerian company Sonatrach for oil and gas a loan of $83 million to purchase equipment regarding energy.

The sources added that Ahmed Mostafori, the financial manager of Sonatrach, and two officials from the international bank signed the loan agreement in Tokyo on Monday.

The sources expected the bank to present another loan to Sonatrach during the coming months and that talks are continuous between the company and the Japanese bank to reach agreements regarding new loans before the end of the year.

Sonatrach takes the responsibility for the source projects in the Algerian oil and gas industry, which represents the pillar of the country's economy.