Algeria's longtime president has conceded to popular demands to step down for re-election after three weeks of massive protests. But a giant question mark now hangs over what happens next.
Algeria's longtime president has conceded to popular demands to step down for re-election after three weeks of massive protests rocked the North African country of 41 million.
Silent throughout the Arab Spring, Africa's largest country and third-largest oil producer erupted in protest in late February after its ageing president announced his fifth re-election bid. The protests, leaderless and largely peaceful, represented a wide cross-section of society including students, teachers, lawyers, and the working class."There was never any question of it for me," the president's statement continued.
But uncertainty remains high, as the president's concession does not guarantee reforms, a timetable for new elections or policy changes designed to expand oil and gas investment opportunities for international companies. "The oil and gas sector will not be immune to operational disruption as a result of protest action," Anthony Skinner, MENA director at risk consultancy Verisk Maplecroft, said in a report Tuesday, describing pictures on social media of the employees of national oil company Sonatrach protesting in certain towns and at a major gas complex called Oued Ezzine.
So there's a dire need for reforms focused on"attracting more investment from IOCs to expand hydrocarbon production and export earnings," Verisk Maplecroft said.
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