Energy Minister: Algeria, attractive country for investment in hydrocarbons

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Algeria is an attractive country for investment in the energy field and will be further favored by the new hydrocarbons law, reassured the Minister of Energy, Abdelmadjid Attar.

Guest at the Channel 3 of Algerian Radio, the minister stressed that the tax advantages introduced in the new hydrocarbons law will make the country more attractive. “The reduction in taxation provided for in the new law, for certain types of participatory contracts, will give the State a share of 56 to 80%, including Sonatrach,” he explained.

Attar backtracked on the bylaws by announcing that they will be promulgated later this year. He specified that 32 texts among the 38 have been finalized, of which 30 are at the level of the government secretariat.

The National Hydrocarbons Company, Sonatrach, proceeded, on January 31st, 2021, to ink with its Western partners, namely; Eni, and Total a Memorandum of Understanding with a view to enhancing their relations and their historic partnership in the perimeter contract located in blocks 404 and 208 of the Berkine Basin.

As part of the framework of the existing partnership relations, this Memorandum of Understanding is with the aim to draw up a roadmap for the conclusion of a hydrocarbons contract in the Berkine Basin, under the aegis of the new system governing hydrocarbon activities.

The parties will use the means and resources to achieve this objective.

This agreement reflects Sonatrach and its partners willingness to further boost their traditional relationships and develop their cooperation through the search for new partnership opportunities.

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