June 25 - Algeria's Compagnie Nationale Alg

With immediate effect, the agreement, which includes COLI's affiliated companies CPC - Coli Project Cargo in Hamburg, ABB - Asia Break Bulk in Singapore, CBC - Consolidated Bulk Carriers in Bremen and Coli's worldwide network of offices and agencies will focus on contracts of Algerian Government enterprises with global EPC contractors and suppliers, mainly for the oil & gas and power industries.

The existing agency agreements for CNAN's liner services from Europe and Houston will not be affected by the new cooperation agreement.

"This is a major step towards a long term alliance of CNAN and COLI for the huge investment plans of Algeria and an important contribution to the increasing role of national content of Algerian companies in the continued development of Algeria" said Herbert Loesing, managing director of COLI Group.

An official signing ceremony held earlier this month in Algiers was attended by M. Labri Cherif Ali (directeur général of CNAN), Fawzy Djoudi (directeur général adjoint of CNAN, Herbert Loesing (managing director of COLI Group), Hassen Salah (president of Afrimar Group) and Nils Wolf (Consultant).

CNAN is currently renewing its commercial fleet and has placed a fifth new vessel in service recently.

More than 12 new vessels will be purchased in the future and CNAN aims to become a major player for the project industry to Algeria and other destinations in the Maghreb region.