On Monday, after two years in the position as chief executive officer of Sonatrach, the Algerian energy ministry announced the replacement of Amine Mazouzi.
Reuters reported that the new CE of the state-owned utility is Abdelmoumen Ould Kadour, which was stated in a ministerial statement noting that no reason was given for the replacement.
Sonatrach introduces new CE
Reuters explained that Ould Kadour is an engineer who graduated from the Massachusetts Institute of Technology and headed US-Algerian firm Brown & Root Condor in the 1990s.
"Since last year, Sonatrach has begun to reverse a stagnation in its oil and gas output as Algeria sought to offset sharp falls in energy revenues due to lower oil prices.
"The North African OPEC member nation had struggled to attract oil investment in recent years because of tough terms that made foreign companies wary, but in 2016 it began a more flexible approach to bilateral talks with foreign partners," Reuters reported.
Media added: "There have been divergent views within Algeria's ruling elite over how hard to push for foreign investment and domestic economic reform as Algeria tries to boost revenues and spur growth.
"Algeria remains dependent on oil and gas earnings, and Sonatrach's performance is key to the health of the economy. Before Mazouzi's appointment in May 2015 Sonatrach, shaken by a corruption scandal, had been through five CEOs in five years."
Energy Minister Noureddine Boutarfa, said in a statement that he requests Ould Kadour to "act with full responsibility and confidence to put in place the qualitative changes that allow Sonatrach to evolve and prosper in a calm business climate that encourages initiative and decision-taking".
In earlier news, the European Union and Algeria signed a $42 million package to support Algeria diversify its economy and improve business climate through the development of renewable energy to modernisation of public finances. Read more...
The package was signed by Federica Mogherini, high representative of the union for foreign affairs and security policy/vice-President of the commission and Johannes Hahn, representing the EU as well as Algerian minister of foreign affairs Ramtane Lamamra.
According to a press release, the EU will provide support in two particular areas, economic development and energy. Read more...