Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Algerian Energy Exports Drop 12.52%

Algerian Energy Exports Drop 12.52%

Tuesday, 26 November, 2019 - 07:45
People shop at Ardis supermarket in Algiers, Algeria November 13, 2017. REUTERS/Zohra Bensemra

Algeria’s oil and gas exports fell 12.52% in the first nine months of 2019 to $25.28 billion versus $28.89 at the same period last year, customs figures showed.

Africa’s biggest country derives 95% of its foreign revenue from oil and gas sales but it has struggled to increase output and efforts to rein in public spending to make up for lower income have added fuel to a mass protest movement, Reuters reported.

The lower house of parliament has passed a new law aimed at making the sector more attractive to international investors who could help boost production, while still retaining a ban on majority foreign ownership of oil or gas projects.

This month Algeria also appointed Kamel Eddine Chikhi as the new chief executive of the state-run oil and gas company, Sonatrach, its tenth head in 19 years.

Editor Picks