APS : TUESDAY 23 FEBRUARY 2021
ALGIERS- The nationalization of hydrocarbons on February 24, 1971, allowed Sonatrach to assert itself on the national and international economic scene, the national oil company said on Tuesday on the occasion
of the celebration of the 50th anniversary of this historic decision.
In a press release published on its Facebook page, on the occasion of the 50th anniversary of the Nationalization of Hydrocarbons (February 24th), the national company said that “the historic decision to nationalize the hydrocarbons, announced on February 24, 1971 by late President Houari Boumediene , allowed Algeria to regain its sovereignty over its subsoil resource and favored the emergence of a solid oil and gas industry.”
This industry “has been managed and supervised by loyal Algerians under the aegis of a young national company ‘Sonatrach’ which has established itself on the national and international economic scene and earned the respect of the various players in the hydrocarbons sector,” the statement added.
“Regarded as a true model, Sonatrach is a source of pride for the Algerian nation,” said the same source.
Created in 1963, the National Company for Research, Production, Transport, Processing and Marketing of Hydrocarbons “Sonatrach” was truly born, according to many experts, on February 24, 1971, the date of the nationalization of hydrocarbons.