Algeria assembly approves amendments to energy law

Reuters News
Posted: Jan 21, 2013 8:53 AM

ALGIERS (Reuters) - Algeria's parliament on Monday endorsed amendments to the country's hydrocarbons law, for the first time offering incentives to foreign companies wishing to invest in unconventional resources.

Aimed at making the sector more attractive to foreigners, the amendments also cancelled a windfall tax on foreign firms and replaced it by a "complementary tax on results".

"Following this approval we will start looking for unconventional hydrocarbons. There are signs that Algeria is very rich," the energy and mines minister told reporters in parliament after the vote.

(Reporting By Hamid Ould Ahmed; Editing by Anthony Barker)