ExxonMobil in Talks with Algeria

Sunday, April 22, 2018

Further to the news reported in early March regarding ExxonMobil eying stakes in Algeria, the state-run firm’s chief executive revealed that the two firms had held meetings.

Sonatrach CEO, Abdelmoumene Ould Kaddour, was cited in a Reuters report that his company held three meetings in Algiers with the US supermajor “and we are expecting to conclude with them soon.”

Algeria has been struggling to attract investment from international firms due to its stringent hydrocarbon laws dating back to the windfall tax in 2006/2007. Recent moves to change those laws has led to a slight uptick in interest but nothing that a deal with the US firm would generate. 

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