In what year was the oil industry nationalized under Boumédiène?
1971
1967
1985
1955
Answer
In 1971, Algeria nationalized its oil industry under the leadership of President Houari Boumédiène. This move aimed to assert national sovereignty over the country's natural resources and gain greater control over the oil sector, which played a crucial role in the country's economy. The nationalization process involved acquiring majority stakes in foreign oil companies operating in Algeria and establishing state-owned oil companies to manage and develop the industry.
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