Algeria could amend oil law to attract foreign investors- statement  

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Algeria could amend oil law to attract foreign investors- statement  

Algeria could change its hydrocarbons law to boost energy partnerships with foreign firms and draw more investment into its oil and gas sector, Energy Minister Nourredine Bouterfa said in a statement on Tuesday.

Reuters reported that this decision, which has been criticized by some oil companies as too tough, would be a major shift as Algeria looks to boost production.

But changing the law may face resistance from the country’s political old guard wary of ending more nationalist policies, the source understands.

“We have engaged a dialogue with oil firms to shed light on their understanding of our laws, including their apprehensions with regard to taxes and to bring the necessary corrections so we can boost the development of our partnership and make our country more attractive,” Bouterfa said in a statement to EU officials in Brussels.

Algeria’s energy legal framework and taxes have been seen by foreign oil and gas firms as a hurdle to more partnership. But the law is only one barrier. Oil firms say bureaucracy and delayed projects are others.

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