Tuesday, February 23, 2021

Mohamed Arkab, again Minister of Petroleum


(Agence Ecofin) – Faced with popular discontent arising from the economic slump in Algeria, President Abdelmadjid Tebboune has promised to dissolve parliament, organize early elections and reshuffle the government.

Mohamed Arkab (photo) was appointed Minister of Petroleum by Algerian President Abdelmadjid Tebboune during a cabinet reshuffle on February 21. Arkab who, it should be remembered, had already held this post two years ago, replaces Abdelmadjid Attar.

State mechanical engineer born in 1966, Mohamed Arkab has held many positions, including that of general manager of the company ETTERKIB, CEO of the Company of the Engineering of Electricity and Gas (CEEG) and of CEO of the national electricity and gas company (Sonelgaz). It is on the strength of this experience that the new minister will seek to ensure optimal exploitation of Algerian energy resources.

The sector has in fact suffered for many years from low investment precisely in exploration and with the coronavirus pandemic the effects have been exacerbated. In addition to stagnating production for more than 10 years, in 2020 for example, the global volume of oil and gas exports reached 82.2 million tonnes of oil equivalent, worth $ 20 billion. This represents a decrease of 40% and 11% respectively compared to 2019.

All of this represents a challenge for the new minister in a context of rising domestic demand. Thus, the Minister in charge of Economic Projections, Cherif Belmihoub spoke at the beginning of this month and declared that Algeria could cease to be an exporter of crude within the next ten years if the country does not succeed. to obtain the necessary liquidity to develop new projects upstream.

Production will then have to be devoted to meeting domestic demand, which continues to climb. Oil and gas account for 95% of the country’s exports and the sale of fuels alone accounts for 60% of the financing share of the national budget.

Lorianne Biaou

Read also:

02/09/2021 – Algeria could stop being an exporter of crude in the next ten years

02/22/2021 – Algeria: Abdelmadjid Tebboune reshuffles the government and dissolves the National People’s Assembly





#Mohamed #Arkab #Minister #Petroleum

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