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Algerian state petrochemical group Sonatrach has decided to pull out of a 2007 deal with French energy giant Total to build a $5 billion ethane steam-cracking plant, knowledgable sources said Tuesday.
The Maghreb Emergent website said Sonatrach was withdrawing because it would not agree to Total's demands for a reduced price for the ethane to be delivered under the deal.
Sources close to the matter confirmed that to AFP.
Sonatrach is now seeking a new partner for the venture, the sources added.