Abdelmoumen Ould Kadour

Operating in the oil rich region of North Africa, Sonatrach is a state-owned entity in Algeria that was founded in 1989. Through its subsidiaries, the company engages in the business of trading and shipping of hydrocarbons like crude oil, natural gas, and liquefied natural gas (LNG). In addition, it owns a fleet of LPG carriers for the transportation of LPG, offering its services to Asia, US, Africa, and Europe. During the downturn, the Algerian energy industry looked for outside support to cope with the new oil prices. Just recently, the Algerian government signed with the European Union a $42mn package to support Algeria diversify its economy and improve business climate. Abdelmoumen Engineer Ould Kadour was named chief executive just last month, replacing Amine Mazouzi who was appointed just two years earlier. The ministerial statement that announced the appointment gave no reason for the replacement. The surprise decision to remove Mazouzi came at a sensitive time for Sonatrach and Algeria, which began to increase oil and gas production last year after a prolonged period of stagnation and a lack of major foreign investment.