Algerian Radio
The Minister of State, Minister of Hydrocarbons, Mohamed Arkab, received on Monday the Chief Executive Officer of the Norwegian company ICA Finance, Matthew Harwood, the ministry said in a statement.
According to the statement, this meeting provided "an opportunity to discuss ways to strengthen cooperation between the Sonatrach group and ICA Finance, particularly in reducing greenhouse gas emissions, cutting methane emissions, decarbonization, and carbon capture and storage (CCS) technologies. It also aimed at leveraging Norwegian expertise in developing low-emission technological solutions, thereby supporting Algeria's efforts in energy transition and achieving sustainable development."
The Minister of State emphasized "the importance of consolidating cooperation between Algeria and the Kingdom of Norway in the hydrocarbons sector, especially through partnerships between economic enterprises, expressing his support for developing cooperation between Sonatrach and ICA Finance in areas of mutual interest."
According to the same source, he also pointed out that "Algeria and Norway share a common vision based on supporting international efforts to reduce methane emissions. He stressed the need for international legislation and regulatory mechanisms to be grounded in scientific and objective foundations, while taking into account the specific characteristics of producing nations, to achieve environmental goals while preserving energy security and market and supply stability."
Under this framework, the Minister of State reviewed "the national strategy aimed at reducing the carbon footprint of the hydrocarbons sector, which includes stepping up programs to reduce methane emissions, cutting gas flaring to less than 1% by 2030, developing carbon capture and storage projects, and boosting afforestation programs—led by Sonatrach's project to plant 420 million saplings—in addition to promoting technological solutions and the circular economy."
For his part, the CEO of ICA Finance "expressed his company's interest in strengthening cooperation with Algeria, praising the potential of the Algerian hydrocarbons sector and the efforts made by Algeria and Sonatrach in reducing carbon emissions. He confirmed his company's readiness to support these efforts by providing innovative financing and technological solutions as well as exchanging expertise," the Ministry of Hydrocarbons statement concluded.
