Top CEOs In The Middle East
Rank: #5

Toufik Hakkar

Sector: Oil and Gas
Company: Sonatrach
Designation: Chairman & CEO
Nationality: Algerian
Residence: Algeria

As Algeria looks to revive its oil industry, Hakkar is leading Sonatrach’s plans to invest $40 billion over the next five years to ramp up its production levels. The state-owned oil firm reported a turnover of $35 billion and a net profit of $2.5 billion in 2019. It has more than 200,000 employees and 154 subsidiaries. Hakkar, who assumed the leadership of Sonatrach in February 2020, has been with the oil company for more than 25 years. Last year, the government asked the oil company to halve its 2020 spending budget from $14 billion to $7 billion due to the impact of COVID-19 on the price of oil.