APS : Thursday, 28 June 2018
WASHINGTON- Minister of Energy Mustapha Guitouni said Wednesday in Washington that Algeria’s new law on hydrocarbon will make investment in mining more attractive and adapted to the international context,
while “preserving the country’s economic interests.”
Speaking on the sidelines of the World Gas Conference (WGC), the minister said the event provided an opportunity for the Algerian delegation to meet major operators, with whom they discuss promotion of partnership and the amendment of the law on hydrocarbon that is likely to boost investments in the sector.
“We have conveyed Algeria’s interest in Foreign investments” in order to “rebuild reserves and introduce new production technologies,” the minister told APS.
Guitouni noted that the revision was motivated by the need to get adapted to the new international context after the sharp fall of crude oil, which pushed many producing countries to review their hydrocarbon laws to continue to attract investments.
On the whole, foreign companies complain about the law’s tax provisions, the rule called 51%-49%, which is the heart of the current code, “is not the problem for foreign investments.”
The complaints focus on the administrative delays, the minister said, adding that his sector has taken note of the complaints made during the open day organized by the National Agency for Hydrocarbon Resources Development.