China-Arab cooperation to develop Zarzaitin oilfield

　　On May 28, Sinopec International Petroleum Exploration and Development Co.
, Ltd.
and Algeria Oil and Gas Company held a signing ceremony in the capital Algiers
.
The two parties will invest 490 million US dollars to jointly develop the Zarzaitin oilfield in Ilizi province in eastern Algeria, with the Chinese investment accounting for 70%
.

　　At the signing ceremony, Algeria Minister of Energy and Mines Mohammad Alkab said that Algeria has developed a plan to cooperate with foreign partners to increase oil production to ensure energy security
.
He praised Sinopec's advanced technology and looked forward to continued cooperation between the two companies on the basis of mutual benefit and win-win results
.

　　Chen Zhong, Economic and Commercial Counselor of the Chinese Embassy in Algeria, said that the signing of the contract reflects the traditional friendship and mutually beneficial cooperation between China and Algeria
.

　　The Zarzaitin oil field is located about 1,500 kilometers southeast of Algiers
.
The new contract includes the drilling of 12 development wells in the block, the re-completion of six existing wells, the maintenance of existing facilities and the reduction of carbon emissions
.