Algerian state-owned oil and gas giant Sonatrach has announced a major leadership change, with CEO Rachid Hachichi being dismissed after two years in the post, Algerian public television reported on Sunday evening.
The specific reasons for the decision were not immediately specified.
Hachichi, who took office in October 2023, has been replaced by Noureddine Daoudi. Daoudi was installed in his new role during an official ceremony by Minister of Hydrocarbons and Mines, Mohamed Arkab.
Daoudi is a former Sonatrach executive who brings significant experience from Algeria’s hydrocarbons sector. Notably, he chaired the National Agency for the Development of Hydrocarbon Resources (ALNAFT) between April 2020 and August 2023. ALNAFT is responsible for attracting investors, managing calls for tenders, and allocating exploration and exploitation licenses in the oil and gas sectors.
This marks the second change of leadership in recent years for the crucial state-owned group. Hachichi himself took over from Toufik Hakkar, who was dismissed after nearly four years at the helm. Hydrocarbons are the lifeblood of the Algerian economy, funding 60% of the national budget and accounting for over 80% of export revenues. At the end of September, revenues from hydrocarbon sales stood at $31 billion.
Source: apanews.net