Algeria: State-run Sonatrach CEO Sacked

Kamel Eddine Chikhi, Chief of state-owned energy firm Sonatrach, was sacked Wednesday only three months into the job.

 

A presidential decree, relayed by state-run television ENTV, said Toufik Hakkar will take the helm of the energy company, which witnessed a cut into revenues last year and is in search of investors.

 

Hakkar was before his appointment Vice-President of Business Development and Marketing department of the company.

 

The latest appointment underlined the instability at the top of the company’s leadership. Hakkar is the 11th Sonatrach head to be appointed since 2000.

 

The gas-rich African country who depends on hydrocarbons for 60 per cent of its budget revenues is in the lookout for investments to boost production. It adopted in December a new law in favor of foreign companies though the latter are barred from owning majority shares.

 

Hakkar was part of the commission tasked to draft the new law,  which was rubber-stamped by Abdelkader Bensalah, the interim President who replaced Abdelaziz Bouteflika, forced to step down in early April last year.

 

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