Conoco Establishes Natural Gas and Power Alliance with Algeria's Sonatrach.Business/Energy Editors ALGIERS, Algeria--(BUSINESS WIRE)--Dec. 18, 2000 Conoco Inc. (NYSE NYSE See: New York Stock Exchange :COCA) (NYSE:COCB) and Sonatrach, the national oil and gas company of Algeria, have signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) to evaluate the potential use of Algerian natural gas reserves to fuel power generation projects in Algeria, Spain and Turkey. "This protocol agreement marks the debut of a cooperation that will not be limited to only upstream oil and gas projects," said Mr. Abdelhak Bouhafs, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Sonatrach, during signing ceremonies A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law. Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. earlier this month. "The agreement establishes a framework for studying fully integrated energy projects that include the development, transportation and processing of Algeria's natural gas reserves, and their use as a clean-burning fuel for electrical power generation," Bouhafs emphasized. Bouhafs said the feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. would take approximately one year to complete. "Conoco is pleased to partner with Sonatrach in a program that could further develop Algeria's natural resources and build fully integrated power systems in the region," said J. Dee Simpson, president of Conoco Africa. "We are well-positioned to partner with Sonatrach and take advantage of our respective strengths to develop strong positions in selected markets," Simpson added. Conoco is a major, integrated energy company active in more than 40 countries. http://www.conoco.com This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about Conoco's expected exploration, production, refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , marketing, and other operating and financial plans and results. These statements are not guarantees of future performance, involve certain risks, uncertainties, and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Actual outcomes and results may differ materially from what is expressed in this announcement. Among the factors that could cause such differences are changes in crude oil and natural gas prices; changes in refining and marketing margins; failure to achieve or delays in achieving expected reserve and production levels due to operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data regarding oil and gas reserves and production; unsuccessful exploratory drilling activities; failure of carbon fiber to achieve anticipated market acceptance or market share; domestic and international economic and political conditions; potential disruption or interruption of the Company's facilities due to accidents or political events; and other matters discussed in Conoco's publicly available filings with the Securities and Exchange Commission. |
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