Toufik Hakkar: “Algeria Is Ready For The Possibility Of Morocco’s Refusal To Renew The Gas Pipeline Contract”

Algeria has taken all precautions if Morocco will refuse to renew the contract for the gas pipeline passing through Morocco to Spain, Sonatrach’s CEO, Toufik Hakkar, said on Tuesday.

During his presentation of the company’s proceeds for the year 2020, Hakkar asserted that Sonatrach is ready to fulfill its obligations even if the demand from Spain for gas increases.

In this regard, Hakkar indicated that the concession contract for the gas pipeline passing through Morocco will expire on October 31, 2021.

“The British company BP’s departure from Algeria came due to the shift in its activity to new energies”, Hakkar explained.

“The British company’s departure from Algeria will be gradual and it will be compensated by another partner”.

“Sonatrach will receive the Hassi Messaoud refinery in 2024. The company has increased its capabilities in the production of oil derivatives to stop importing”.

In another context, Sonatrach’s CEO said that a large project in the field of petrochemical industries will soon be announced after the completion of its study.