Stroytransgaz is participating in tenders to build two oil depositories and is seeking to assist in repairing another gas pipeline. Stroytransgaz is already building a gas pipeline in Algeria and repairing another gas pipeline.
The Russian industry and energy minister said January 20 that development of bilateral cooperation in the energy sector between Russia and Algeria will contribute to the strengthening of global energy security.
Russia is seeking to diversify its presence on global energy markets and has long been considering the expansion of its participation in oil and gas development projects in Central Asia and North Africa, including Libya and Algeria.
"Cooperation in the energy sector not only meets the interests of Russia and Algeria, but will also ensure the stability of energy markets and will strengthen global energy security," Viktor Khristenko said during a visit to the North African state.
The Russian minister said a consortium of Russian companies Rosneft [RTS: ROSN] and Stroytransgaz, and Algeria's Sonatrach state oil and gas corporation, is currently developing a large 245-South oil field in Algeria, with the Russian investment estimated at $4-5 billion.
Cooperation between the long-time partners has been expanding since Russian President Vladimir Putin visited Algeria in March 2006, when about 15 Russian-Algerian contracts were signed, including on cooperation in tapping hydrocarbon reserves.
Algeria's proven natural gas reserves total 4.55 trillion cubic meters, the second-largest reserves in Africa after Nigeria. It is also the continent's third-largest oil producer after Nigeria and Libya, with 111.02 billion barrels of proven reserves.
Stroytransgaz was founded in 1990. It specializes in designing and building pipeline systems, oil and gas production facilities, and underground gas storage facilities.
