Doubts about investments worth $ 42 billion in Sonatrach

Sonatrach failed to stop the pace of decline in oil and gas production in Algeria, which has turned since 2007 to a reality from year to year despite that Chakib Khelil and Mohamed Meziane adopted a unique investment strategy in the energy industry in the world.

This comes at a time the investments that were pumped by Chakib Khelil in the sector doubled from $ 6.4 billion in 2005 to $ 12.4 billion in 2011, recording semi-stable net proceeds at the same level it recorded in 2006, making the surprise of the circles that are competent in this sector ask about the feasibility of the investments that have been pumped, and where they went and why the Governor of accounts refused to ratify the financial outcome of the group, if it is not to do with the $ 12.4 billion-effectiveness that is spent annually under investment, especially when 40%  of it goes to the activities that are difficult to control.

To cover up the dangerous data in the report, Sonatrach deliberately rushed to cover up the negative outcome of investments that were pumped in the period between 2008 to 2011, amounting to $ 42 billion, without achieving an increased production which knowns a structural decline since 2007, as the report did not include the signature of the Governor of accounts in charge of monitoring and approving the report, except for the signing of Moncef Badsi, as a coordinator, contrary to the prevailing traditions, as the annual reports and financial report include the names of governor of accounts or a group of governors of accounts, which caused serious damage to the reputation and credibility of the leadership of the company.

An economist Noureddine Laghlil, and financial analyst in the Swedish bourse, told Echorouk that the confusion that occurred in the current leadership of the group Sonatrach, is resulting from the proceeds of negative investment policy by the Group in the period between 2008 and 2011, which did not achieve the desired results despite that the investments during the period referred to, did not realise $ 42 billion, adding that all the scandals that the company has experienced  are due to the strategy of investment pursued by former officials of the energy and mining sector in the period between 2006 and 2010, asserting that  the current team continues working with the same approach.