Cabinet approves the bill amending the law on hydrocarbons

Council of Ministers approved on Monday a bill about the amendment of the law on hydrocarbons.

The text envisages “contributing to maintain the attractiveness of our country in the field of investments by adapting its legislation in accordance with the development of the hydrocarbon industry, in terms of markets and in terms of the emergence of new technologies”, according to the statement of the Council of Ministers.

The amendments included this law essentially allows the promotion of providing the country with fuel, and fiscal arrangements to encourage the exploration of hydrocarbons, and exploitation in areas that are not subject to exploration, or those that require the use of sophisticated methods,” the statement said.

On the other hand, these amendments also enables Sonatrach and no other company to the right in the field of transporting fuels by pipeline, and ensures a majority in the partnerships in both the field of production and in fuels.”

President of the Republic, Mr. Abdelaziz Bouteflika was keen, after the meeting, to the need to intensify efforts in the field of exploration in the rest of the national mining and mobilization of all other sources of energy, especially the renewable energies.”

In the latter the President of the Republic concluded to the priority of the state to remain focused on the path of diversifying the national economy, and the expansion of the national productive system, which ensures the creation of a continuous wealth. “