Former acting Sonatrach’s General Manager caught up by the company’s financial scandals

The decision made by the Algerian President Abdelaziz Bouteflika not to appoint Abdelahafidh Feghouli, who was the acting CEO of the Algerian Hydrocarbons Company, as the new CEO and his dismissal as the Vice –President of the “Downstream” activity in the same company, is mainly due to the series of investigations carried out by the Algerian authorities over the financial scandal that involved several top managers in the same company, reliable sources revealed to Echourok.

• The outcome of the inquiry carried out recently by the investigators over the gross total coast of the Liquefied Natural Gas Forum hosted by the province of Oran (western Algeria), revealed that the event cost $ 800 millions, exceeding the initial estimates.
• The lukewarm success of the international event added to the delay registered in the preparations have weighed on the balance have accelerated the downfall of the manager who was the sole candidate for this post, it said.
• The assessments forwarded by the investigators to the President and the Ministry alike shortly before the kick off of the international event revealed that the budget allocated to the Forum has almost doubled.
• For instance, the total cost for the construction of a “Meridian” is estimated between  $400-500 millions in most countries but in Algeria the cost was estimated at more than $ 800 millions.