New Sonatrach CEO Appointed
Toufik Hakkar has been appointed as the new chief executive of Sonatrach, the country’s state energy company, taking over from Kamel Eddine Chikhi.
Last December, Algeria passed a new law to attract foreign direct investment to encourage hydrocarbon exploration, in the midst of a 15% decrease in oil and earnings over the first 11 months of 2019. Increasing domestic demand and lower output reduced export volumes.
Algeria relies on hydrocarbons, which represent 40% of government revenues and 95.6% of its exports. The country is committed to increasing its hydrocarbon reserves and boost its oil and gas exports.