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Gas-rich Algeria has removed the head of its state oil operator Sonatrach less than two years after he was named the company’s CEO.
Rachid Hachichi was replaced by Noureddine Daoudi, who was the head of Algeria’s National Agency for the Valorisation of Hydrocarbon Resources.
Algeria’s energy minister Mohammed Arkab announced the new appointment, saying the choice is based on his extensive experience.
“Daoudi’s experience is not limited to technical issues but extends to the strategic leadership of major projects, negotiating partnerships with large international companies, and guiding the digital transformation in the sector,” Arkab said.
State news agency did not give explanation for the move which comes amidst intensified plans by the North African Arab nation to attract foreign oil companies to develop its hydrocarbon sector.
In June, Algeria awarded oil site contracts to five foreign groups within its 2024 international bidding round that covers more than 150,000 square kilometres.
(Writing by N. Saeed; Editing by Anoop Menon)
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