Algeria’s Minister of Energy Mohamed Arkab has announced that the final version of a new hydrocarbon law has been drafted and will be submitted to authorities for approval. The draft has been finalized according to the orientations of the Inter-ministerial council and has been handed over to the various ministerial departments for possible add-ons. The bill covers institutional, contractual, fiscal and environmental terms. The 51/49 rule in the current law – which forbids foreign investors from owning more than 49 percent of an Algerian company – would not be withdrawn from the future bill. However, further amendments will allow us to improve investment conditions from a legal, institutional and fiscal point of view,” Arkab said.

Source: The North Africa Journal May 30, 2019 12:45 UTC