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Algeria’s hydrocarbon company Sonatrach CEO Hekkar ranks fifth best Chief Executive Officer in Middle East

March 14, 2021

ALGIERS- Chief Executive Officer of the national hydrocarbon company Sonatrach Toufik Hekkar was ranked, by the specialized magazine “Forbes Middle East”, fifth best CEO in the annual list of the most powerful managers of the Middle East for 2021, in recognition of their significant contribution to the economies of the region.

Forbes Middle East magazine published the ranking of the best 2021 CEOs of the Middle East, who have managed to strategically lead the wheel of growth and development in their countries despite the “Coronavirus” pandemic.

Toufik Hakkar, CEO of the Sonatrach group, was selected among the best leaders who make a significant contribution to the economies of the region, ranking fifth in the list comprising leaders from 24 nationalities, and representing 21 sectors.

On another level, and interviewed by Radio Algerie (International channel), Mr. Hekkar underlined that the National Hydrocarbon Company Sonatrach has been able to maintain investments and face the repercussions of the global health crisis, induced by Covid-19.

As such, Mr. Hakkar explained that “the health crisis has pushed most of the foreign partners and collaborators to return to their country of origin”. To deal with this situation, “Sonatrach had recourse to national skills”, indicated its CEO. Consequence: “the company has made significant savings in foreign currency”, noted Toufik Hakkar, who assured that this “special” year was the opportunity to take stock of the structure of Sonatrach’s expenditure.

The Head of the national hydrocarbon company has decided to further open the field to partnership with national public and private companies…. “We have also decided to collaborate with Algerian micro-enterprises and start-ups,” added the CEO.

The state-owned hydrocarbon company is, also, active in the field of exploration. “Our objective is to renew the consumed reserves at more than 100%, currently we are at 90% renewal rate”, indicated Mr. Hakkar.

Another announced objective: to maintain, or even increase, the production levels of the fields qualified, by the CEO of Sonatrach, of: “mature fields”, requiring a maintenance effort. Sonatrach also intends to increase its refining capacities, by making new investments in petrochemicals.