Sonatrach Quits Announcing Annual Outcomes

Algeria hydrocarbons giant Sonatrach has, suddenly, quit airing on its official website its annual turnover and revenues, as the company’s revenues data of the period going from 2002 to 2009, have been removed, while journalists and experts have not been sent any annual outcome of the company, so far, as they used to.

As by last July, the government run company has avoided announcing accurately the outcome of last year activities, preferring, instead, sending a brief press release to the local APS news agency. Such a conduct has surprised observers, mostly as the hydrocarbons giant used to announce its financial achievements publically and accurately.

Yet, observers said such a radical change in Sonatrach media policy is aiming at covering the losses inflicted by the company in recent years due to corruption scandals that shook it and also to the drop of its production and its exploration operations, amid the absence of laws that force companies to announce transparently their deals and operations. 

In this regard, Nouredine Laghlil, an analyst at the Swedish stock market, told Echorouk reporter that the lack of accurate figures on Algerian companies’ financial performances has hit the image of Algeria economy in the world, and contributed in hampering Algerian companies of appearing in world ranking, mostly when such a conduct is shown by the largest oil company in Africa.

Mr Leghlil further specified that he wonders why Sonatrach is tending to hide some figures which are vital in terms to providing investors an idea on the largest oil group in the continent. He said Sonatrach was hit by the drop of oil prices and the decrease of its production, as its turnover has gone from $110 billion in 2008 down to $52 billion in 2009, or a 53% drop.