Sources: Algeria's Sonatrach Appoints New Chief Executive

Reuters

ALGIERS, May 24 (Reuters) - Algeria's state energy firm Sonatrach has picked a new chief executive to replace an interim head appointed less than a year ago and has also replaced more than 20 other managers in a major shake-up, two industry sources said on Sunday.

Amine Mazouzi, a younger-generation manager in Sonatrach's production development department, will take the helm as the North African country seeks to draw more foreign oil investment and offset a fall in world crude prices.

Sonatrach officials did not immediately confirm the changes.

Meanwhile state news agency APS said President Abdelaziz Bouteflika had ordered changes in the management of public financial institutions and companies "without delay" but did not give any names or details.

An official notice appointing Mazouzi had been expected later on Sunday, the two industry sources said.

One of the sources said a total of 22 Sonatrach group managers had been changed in the shake-up.

OPEC member Algeria, a key gas supplier for Europe, failed to attract a lot of foreign interest in its most recent round of oil and gas exploration licensing last year. Oil companies have complained about offer terms and bureaucratic red tape.


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