Oman’s investment authority signed a preliminary agreement with the Algerian finance ministry to set up an investment fund worth $ 115 million ($ 298.79 million).

The fund, announced by the Sultanate, will focus on the mining, food and pharmaceutical industry industries, according to the announcement, which is quoted by the Reuters.

The agreement was signed on the sidelines of Oman’s official visit, Haitham bin Tariq al-Shaidin the North African country.

During the visit, several agreements were signed, including a document in terms of the state -owned oil and natural gas company Sonatrach and the Oman and Gas Gas Services Company, Abraj Energy Services, to evaluate the constitution of a joint business.

The document describes the technical, legal, financial and commercial terms to evaluate the establishment of a consortium of oil services in Algeria between the two companies, Sonatrach said in a statement on Monday.

The consortium will focus on drilling services and the management of integrated projects in the Algerian market, according to the announcement.