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The introduced amendments are expected to have an influential impact as of current November, according to a survey elaborated by British experts. This survey of which El Khabar got a copy mentions that Algeria, through rising exceptional taxes rates on oil companies’ profits tries at the best of its ability to take advantage from oil boom. The most important amendment being that introduced to article 58 banning any recourse to international arbitration in case of disputes opposing Sonatrach and its foreign partners, the new law requires Algerian courts competence in such a situation. Another important and controversial amendment is Article 32 allowing Sonatrach automatically to participate in prospecting and exploiting operations as well as implementing the contracts concluded with foreign companies with a 51% rate. By virtue of Article 77 Sonatrach shall be the owner of 51% in each contract in oil refineries. According to the survey this strengthens Sonatrach position which is one of the huge oil and gas companies in Africa, an essential actor in the national energy arena, and the main source of 30% of GDP and 97% of exports, these data are to increase thanks to the new measures. Djallel Bouatti | ||||||||||||||||||
Hydrocarbons law amendments : British expert’s opinion