Bronco Lane on the PCI trail

President Abdelaziz Bouteflika on Hydrocarbons law

”I made a mistake”

President of the Republic Abdelaziz Bouteflika has acknowledged he made a mistake when promulgating a hydrocarbons law advantaging foreign oil company at the expense of the national oil company Sonatrach, but there was “no intention to buy Algeria’s resources”, he asserted.
In a speech he made before the cabinet staff and executives in Nations Palace, in Algiers, yesterday, President Bouteflika made an unprecedented acknowledgment about the controversial law, saying: “I issued hydrocarbons law and repealed it… sometimes we do the right thing, and other times we make mistakes, we are not unerring, but when we find out we are in a mist, we correct our errors”, Bouteflika stated. “Market opening does not mean selling strategic public sector, and everyone should know that we do not intend and are not ready to sell the country’s resources...”,

This guy means business and now holds foreign Internationals 'over the barrel'
Do as I say or get out is the message...meanwhile Russia and China and India await to see what the Western companies already established in Algeria do...

Sorry guys but no deal for PCI regarding a JV under the present climate is my opinion..gotta slip to below 12p for sure considering all the facts...

Bronco...