Russian energy companies Rosneft and Stroitransgaz plan to invest $1.3 billion in oil production in Algeria, Rosneft's Vice President Nikolai Borisenko announced on Sunday.A Rosneft and Stroitransgaz alliance has a 60 percent stake in the Block 245 South exploration project in Algeria. The remaining 40 percent belong to Algeria's energy conglomerate Sonatrach.
Reuters reports that as part of the project, the Russian companies have explored two fields with confirmed oil reserves of 36.5 million tonnes.
