Algeria’s Sonatrach has continued its habit of signing memorandums of understanding (MoUs), adding OMV and Cepsa to its list.
Sonatrach is facing a “deep audit” by the Algerian state, while the company also attempts to control costs.
Sonatrach has signed gas agreements with Eni following a high-level meeting in Algiers.
Sonatrach has confirmed it plans to cut its spending in 2020 by 50%, pushing back projects that are not urgent, the company’s CEO Toufik Hakkar told a local newspaper.
Algerian President Abdelmadjid Tebboune has appointed Toufik Hakkar to head up Sonatrach, ousting Kamel Eddine Chikhi. Hakkar was previously a vice president at the group.