Algerian interim President appoints new Sonatrach CEO

Image: Sahel Intelligence

Algeria’s interim President, Abdelkader Bensalah, has appointed Sonatrach’s Head of Production and Exploration, Rachid Hachichi, as the new CEO of the state-owned oil giant, replacing Abdelmoumen Ould Kaddour.

Creating uncertainty for investors looking to re-enter the country’s oil and gas sector, the news of Kaddour’s replacement raises concerns on the progression of Sonatrach’s ongoing deals.

Kaddours replacement follows Sonatrach’s announcement last week that it would hold talks with Chevron this week, to discuss a possible partnership on shale gas and oil production.

“Chevron is a big company and we are happy to have it here with us in Algeria as it will bring know-how and expertise,” said Kaddour last week.

The news of Rachid Hachichi’s appointment falls in line with the Algerian interim government’s recent reshuffles as it aims to gain public support.