New Sonatrach CEO says foreign partnerships 'essential' to company growth
Rachid Hachichi replaced Abdelmoumen Ould Kaddour as CEO of Algerian national oil company Sonatrach on 23 April 2019
Algerian national oil company Sonatrach will continue to focus on developing international relationships, according to a statement by the nation's press agency. After Abdelmoumen Ould Kaddour was removed from his position as CEO of the company on 23 April 2019, questions arose about the company's future under Rachid Hachichi, who is Sonatrach's new leader.
Kaddour made an aggressive push to partner with international oil companies, signing agreements with Eni and Total for offshore exploration, as well as an agreement with BP and Equinor for exploration and development of unconventional reosurces in the gas-rich nation. He was reportedly in talks with 14 international firms to set up a trading joint venture, and resolved multiple disputes with large oil firms.
"Our group will continue to develop partnerships with foreign firms seeking to invest in Algeria," Hachichi said, according to the state news agency. "Partnerships are an essential element in our development strategy, especially in the field of production and exploration."
Kaddour was removed from his post as part of a wider government upheaval in which many close to former president Abdelaziz Bouteflika were replaced.