An investment company owned by the Abu Dhabi government, Mubadala, on Tuesday said it has purchased a 20 per cent stake in Shell's exploration and production operations in Algeria.
Mubadala did not disclose the cost of the stake it bought through its subsidiary firm, Liwa Energy Ltd.
"This agreement is another example of Mubadala's increasing interest in Algeria, where the company has already made a number of significant investments in the energy sector, including several power stations and oil and gas projects," the company said in a statement.
Anglo-Dutch oil giant Shell is exploring two areas in central Algeria with Sonatrach, the Algerian national oil and gas company. (AFP)
Abu Dhabi buys 20% stake in Shell's Algerian exploration