Algerian People's National Assembly, the lower house of parliament, on Thursday adopted the amendments of its hydrocarbons law, the official APS news agency reported.
After the voting, Energy Minister Mohamed Arkab said the move "is an important gain for the energy sector and the national economy."
He stressed that exploring new oil and gas reserves have become a necessity.
The Algerian government adopted the draft amendments to the hydrocarbons law on Oct. 13, with an aims to attract foreign investment to the energy sector.
The government said in a statement on Oct. 13 that it aims "to provide stable legal, institutional and fiscal system, as well as incentive advantages for foreign investment in the field of hydrocarbons in the long term without undermining national interests."
On Sept. 23, Algerian energy giant Sonatrach said it was "more than ever necessary and urgent to enact a new hydrocarbons law adapted to the international context, while enhancing Algeria's competitiveness advantage."
Editor:Cherie
