Algeria president replaces head of state-owned oil company

Algerian President Abdelmadjid Tebboune has sacked Toufik Hakkar, the CEO of the state-owned oil company Sonatrach, and appointed Rachid Hachichi as his replacement, state television reported yesterday.

No details were given about the reasons for the president’s decision.

Hakkar was appointed as the head of Sonatrach in February 2020, replacing Kamel-Eddine Chikhi, whose duties were terminated by Tebboune weeks after he took up office following the December 2019 elections.

Hachichi previously led the Algerian oil company between April and November 2019.

Sonatrach, established in 1963, is fully owned by the Algerian state and specialises in the exploration, production, transportation, refining and marketing of petroleum and gas.

As a parent company, Sonatrach employs more than 40,000 employees, with the number exceeding 130,000 when considering all its subsidiaries, which exceed 120. It produces over 130 billion cubic meters of natural gas.

The company’s net profit last year reached $10.2 billion, up from $4.4 billion in 2021.

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