Petroleum Africa
Find us on: 
Monday, May 2, 2016
For years there has been a call for developing nations reliant on oil and gas for the majority of their budgetary needs to diversify their economies to cushion themselves when the crude market drops. Algeria is one of those countries that has seen its economy severely strained by current market conditions and is now taking steps to make its non-oil sectors boom.
The government is taking steps to open up the economy, drafting a new investment law which offers incentives to local and foreign businesses. The new investment law will include tax breaks and measures to untangle bureaucracies. It also says that all imported goods and services intended for investment projects will be exempted from customs duties and value-added tax (VAT), among other things.
“The bill provides for new mechanisms to ensure support to investors, the improvement of the business climate, local decision making and the creation of a new one-stop shop,” said Industry Minister Abesslem Bouchouareb.
The government is also working to get its reforms, promised in 2014, back on track.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
