Bouteflika's resignation has blocked oil deals between Athens and Geneva

The political situation in Algeria has hindered the implementation of oil agreements between Athens and Geneva, reported Thursday the Bloomberg economic agency.

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According to informed sources, Bloomberg, the Algerian energy company Sonatrach has suspended this week its commercial project, in order to choose its partner among international companies, including groups Vitol and Gunvor. Ltd "," Total "and" Eni ".

Political unrest in Algeria for more than a month prompted Abdelaziz Bouteflika to step down after 20 years in office.

The agency also speculated that the events had also contributed to the failure of the projects in Athens to sell a stake in Hellenic Petroleum.

Sonatrach, in partnership with the Vitol Group, is seeking to acquire a 50.1% stake in the refining company, one of the largest Greek oil companies.

But a Greek government fund attributed this situation to "reasons for creating publicly traded companies and recent developments in the international environment".

The setbacks of the oil agreements highlight the crucial role of oil revenues in the Algerian economy, where the country is facing its biggest political change in a generation.

Although the turmoil has not affected oil production in Algeria as the country's energy facilities are located in remote areas, changes in Sonatrach's oil and gas managers could affect deals with oil companies. international companies.

Sonatrach is at the heart of corruption investigations and six CEOs have been changed since 2010, and the Minister of Energy has also changed six times over the same period.

Source: Bloomberg