Algeria is amending its energy law in a bid to attract foreign investment into its oil and gas industry, months after international majors suspended talks about new projects amid mass protests in the OPEC member. The upper house of Algeria’s Parliament passed a new energy law on Thursday, which lawmakers say will boost Algeria’s chances to compete for foreign investment in the oil and gas sector. The new bill—which has yet to be signed into law by interim president Abdelkader Bensalah—cuts red tape and includes tax incentives. The bill also introduces new types of contracts in the oil and gas sector, including production sharing, participation, and risk services contracts. Bensalah took over as interim president in April after Algeria’s President of 20 years, Abdelaziz Bouteflika, stepped down following weeks of nationwide protests. Algeria will hold an election on December 12 to elect a new president. According to Reuters, it […]