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.