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Algeria’s state-owned oil giant, Sonatrach, has seen another leadership change, with CEO Rachid Hachichi dismissed just 10 months after taking the job.
He has been replaced by Noureddine Daoudi, a veteran of the country’s hydrocarbons sector.
State TV showed the energy minister appointing Daoudi but offered no official reason for the abrupt change.
Hachichi’s removal follows recent public criticism and articles published in Algerian daily newspapers regarding the management of the strategic firm.
The firm’s instability is highlighted by the fact that Sonatrach, which fully finances 60% of Algeria’s national budget, has cycled through five CEOs since 2019.
The company is crucial to global energy markets, particularly in Europe, which relies on Algerian gas as it seeks alternatives to Russian supplies.
Sonatrach, which accounts for over 80% of Algeria’s export revenues, reported $45.23 billion in hydrocarbon sales revenue in 2023, a decrease from $50.49 billion the year before.
