Petroleum Africa
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Wednesday, October 16, 2019
In an effort to boost investment into its energy sector, Algerian officials have been working to introduce a new, investor-friendly energy law. On Sunday, the draft was approved by the cabinet and now must be approved by parliament, according to Abdelkader Bensalah, the country’s interim president.
“The draft will allow us to start deep reforms in the energy sector and implement a development plan for Sonatrach,” Bensalah said, referring to Algeria’s national energy company.
In recent months Algeria has been wooing the likes of supermajors ExxonMobil and Chevron, and a new energy law is seen as a crucial step to forging ahead with foreign partners.
Unfortunately, an agitated populace, broke out in protests saying the interim government has no right to pass such a law, despite the fact that its passing will bring much needed investment into the country.
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