Petroleum Africa
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Thursday, October 5, 2017
Algeria’s hydrocarbon laws are set to get another reboot before the end of the year. According to a Reuters report citing a senior Sonatrach official, the laws will be amended prior to the end of the year to attract more foreign investment.
The North African country revamped its laws over a decade ago which included a windfall tax and since then investment has fallen off significantly. There have been changes over the years to bring back investment, but international firms have been extremely slow in returning their petrodollars to the country.
“The sooner the better, the law will be amended before the end of this year,” the Sonatrach source, who has knowledge of discussions, was cited in the Reuters report.
The new law will also be aimed at encouraging local investors to enter the oil and gas industry.
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