15 October 2018
Deals | Algeria | M&A | Energy
As part of the worldwide partnership between the two groups announced in 2017, Total has just signed with Sonatrach a shareholders' agreement for the establishment of STEP (Sonatrach Total Entreprise Polymères), a joint venture that will be in charge of leading the joint petrochemical project in Arzew, in the west of Algeria.
This USD 1.4 billion project includes the construction of a propane dehydrogenation plant and a polypropylene production plant with a yearly capacity of 550,000 tonnes. This is the first polypropylene production project and the second petrochemical project to be conducted in Algeria since the CP 1k that dates back to the 1970s.
Total was assisted by Gide's Algiers office, with a team headed by Samy Laghouati, partner in charge of Gide Algeria.