Hundreds of Algerians protesting against proposed energy law



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Hundreds of Algerians protesting against proposed energy law

On Sunday, the 13th of October 2019, thousands of Algerians had launched a protest in front of the Algerian parliament against a slew of slated reforms of the North African country's energy law, adding that the interim government had no rights to pass a bill of such scale.

In point of fact, the protest began earlier on Sunday (October 13th) shortly after the nation's interim President Abdelkader Bensalah was quoted saying a draft law to yield a sweeping reform to the crisis-struck nation's energy sector was agreed by the cabinet, however, it would still require an approval from the parliament to take effect.

Apart from that, several industry analysts of Algeria, a nation which had abruptly shed its shines and downgraded to a 109th rank on GDP per capita basis following dried-up of all of its oil resources, had been quoted saying on Sunday (October 13th) that the latest proposal was drawn up by the interim government in order to assuage its Western allies amid mass protests that had rattled the nation's financial cornerstones.

Meanwhile, adding that the restructuring attempt would involve a potential overhaul of the nation's state-owned oil company, Sonatrach, widely contemplated as the first African oil major, and would allow it to explore offshore oil reserves throughout the African nation's Mediterranean coastline, the president of Algeria's caretaker government, BenSalah said in a media briefing on Sunday (October 13th), "The draft will allow us to start deep reforms in the energy sector and implement a development plan for Sonatrach," however, protesters had been calling the bill as an attempt to seek foreign aid in a bid to bolster the nation's oil output adding that the country's current taxation system did not allow Sonatrach to make new discoveries.