Nigerian billionaire Kola Karim's Arkad wins a $1 billion Algeria gas contract alongside Egypt's PETROJET
Billionaires Africa | 06.05.2026 20:51
Arkad Engineering and Construction, the Italian EPC company acquired by Nigerian billionaire Kola Karim's Shoreline Natural Resources in January 2024, has signed a $1 billion contract for the development of the Hassi Bir Rkaiz oil field in southern Algeria, partnering with Egypt's PETROJET in a deal that represents the most consequential transaction since Karim moved to expand his engineering empire beyond Sub-Saharan Africa, The Africa Report reported on May 6.
