Tentative steps

Emissions Trading

State-owned companies and government-controlled financial systems are not theeasiest breeding grounds in which to set up risk management systems. But theadverse market conditions of the 1990s prompted Algerian state-owned oil companySonatrach to explore the possibility of setting one up.

“By 1998 we committed to going ahead with a risk management programme, but ittook a long time to mature the project and it was a slow process due to the complexityof some of the legislation in Algeria,” Sona

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