Sonatrach CEO Toufik Hakkar announced that the company will set a new cost containment strategy in place in light of lower oil prices and tighter margins.

As a result, Sonatrach created the COST Project Directorate (Cost Optimization System Tracking), which will aim to deploy cost optimization initiatives across all of its activities.

The COST project management has as a main objective the implementation of a sustainable cost reduction program and the realization of concrete actions to optimize expenses to ensure sustainability and profitability, according to Project Director, Lazhar Mahboubi.

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Source: PetroleumAfrica