Algeria's state-owned Sonatrach will block Occidental Petroleum's deal...
FILE PHOTO: The logo of the state energy company Sonatrach is pictured at the headquarters in Algiers, Algeria November 20, 2019. REUTERS/Ramzi Boudina
Mohamed Arkab said the deal, part of a wider sale of Anadarko assets to Total after its acquisition by Occidental this year, was “incompatible” with Algerian legislation.Occidental bought Andarko Petroleum this year. As part of the deal it agreed to sell Anadarko’s assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion.
Algeria’s parliament has passed a new energy law that encourages international investment in its oil and gas sector while keeping a bar on majority foreign ownership of hydrocarbons projects.
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