Algeria

ConocoPhillips, the world’s largest independent exploration and production company, today announced it has completed the transaction with Pertamina for the sale of its Algeria business unit for a total sales price of $1.75 billion, which resulted in proceeds of $1.65 billion, including customary adjustments.

ArcelorMittal and Sider, an Algerian state-owned company, have finalized a strategic agreement including an investment plan of US$763m for the steel complex at Annaba and the mines in Ouenza and Boukhadra. The plan includes a project to more than double the plant’s production capacity from 1 million to 2.2 million tons per year by 2017.

Philip Morris International Inc. announces today its entry into a definitive agreement to acquire 49% of the shares of United Arab Emirates-based Arab Investors-TA for $625 million.

Marking some of its largest power agreements in company history, GE (NYSE: GE) today announced three contracts totaling approximately $2.7 billion with SPE, an affiliate of Sonelgaz—Algeria’s national electricity and gas company. GE is to supply proven and reliable heavy-duty gas turbine combined-cycle and aeroderivative gas turbine technology for nine power plants. The addition of nearly 9 gigawatts (GW) of electricity will help strengthen Algeria’s power sector to help meet the growing requirements of the country.