Algeria: Sonatrach appoints new CEOOn Monday, the Algerian energy ministry announced the replacement of Sonatrach chief executive officer, Amine Mazouzi, only after two years in position. Sonatrach introduces new CEReuters explained that Ould Kadour is an engineer who graduated from the Massachusetts Institute of Technology and headed US-Algerian firm Brown & Root Condor in the 1990s. "Since last year, Sonatrach has begun to reverse a stagnation in its oil and gas output as Algeria sought to offset sharp falls in energy revenues due to lower oil prices. "Algeria remains dependent on oil and gas earnings, and Sonatrach's performance is key to the health of the economy. Sector newsIn earlier news, the European Union and Algeria signed a $42 million package to support Algeria diversify its economy and improve business climate through the development of renewable energy to modernisation of public finances.

Source: The North Africa Journal March 22, 2017 07:52 UTC