Rachid Hachichi takes over from Toufik Hakkar as CEO of the major Sonatrach company. In February 2020, he succeeded Kamel-Eddine Chikhi, who was sacked after less than three months at the head of this 100% state-owned group, which is crucial to the Algerian economy, from which it derives 60% of its budget and 95% of its export earnings.
An unexpected change of direction
Algeria’s energy sector has reached a new turning point with the replacement of Sonatrach CEO Toufik Hakkar by Rachid Hachichi, appointed by President Abdelmadjid Tebboune. This decision has raised questions about its implications for Algerian energy policy.
Rachid Hachichi now takes over the reins of Sonatrach, becoming the 13th head of this state-owned hydrocarbon company since 1999. This frequent succession at the head of the group reflects chronic instability. As a reminder, Mr Hakkar succeeded Kamel-Eddine Chikhi in February 2020, who was himself dismissed after less than three months in the post.
Challenges for the Algerian economy
Sonatrach is a company of vital importance to the Algerian economy, contributing 60% of the national budget and generating 95% of export revenues. The change of management at this strategic company raises questions about its impact on the country’s economy.
In recent years, Sonatrach has been rocked by a number of financial scandals and corruption cases, both in Algeria and abroad. These problems led to investigations and reforms within the company. Rachid Hachichi now faces the challenge of restoring Sonatrach’s reputation and guaranteeing its financial stability.
Implications for the Energy Industry
The change of management at Sonatrach has major potential repercussions for the Algerian energy industry. Investors and industry players will be keeping a close eye on Rachid Hachichi’s decisions, as Algeria seeks to maintain its position as a key player in the global energy market.
The change of management at Sonatrach is a major event for the Algerian energy industry. The appointment of Rachid Hachichi as CEO opens a new chapter for this key company, while the persistent challenges of corruption and stability remain on the agenda.
