AN INDUSTRY VETERAN was named as head of Algerias state energy company today, an appointment aimed at restoring stability to the company, which supplies one fifth of Europes gas, after a damaging corruption probe.
p>AN INDUSTRY VETERAN was named as head of Algerias state energy company today, an appointment aimed at restoring stability to the company, which supplies one fifth of Europes gas, after a damaging corruption probe.
Nourredine Cherouati, who until now was head of an energy sector regulator, takes over as chief executive of Sonatrach four months after the previous holder of the post was removed as part of a judicial investigation into corruption allegations.
In a statement on its website, Sonatrach said Algerian Energy and Mines Minister Chakib Khelil had introduced Cherouati to staff as the new chief executive in a closed-door ceremony at the company's headquarters this afternoon, Reuters reported.
Algeria exports more than 60 billion cubic metres of gas per year and is the world's eighth biggest exporter of crude oil. Sonatrach has a monopoly on oil and gas exports from Algeria and is sole operator or partner in all energy projects.
Previous chief executive Mohamed Meziane was removed from his post in January after he was put under investigation, along with several other senior executives, over allegations that contracts had been improperly awarded.
Since Meziane's removal Abdelhafid Feghouli, previously Sonatrach’s vice president for downstream activities has been acting as caretaker chief executive.
