Multiple Sonatrach Officials Under Investigation - Official
January 14 2010 - 6:23AM
Dow Jones News
Algeria, a top oil exporter and one of Europe's biggest natural
gas suppliers, has placed multiple officials at its state-run
energy company Sonatrach under investigation, including the chief
executive, over Sonatrach's natural gas dealings, a senior Algerian
oil official said Thursday.
Details into the exact nature of the investigation, which has
led to the removal of Sonatrach chief executive Mohamed Meziane,
haven't been released.
The probe marks a widening of problems for Algeria's energy
sector. The government's imposition of tough contract terms with
foreign companies in recent years has pinched investor appetite,
raising questions among some analysts whether the North African
state will meet upcoming natural gas export targets.
"There is more than one [Sonatrach] official under investigation
and the court is now dealing with it," the official said.
Abdelhafid Feghouli, a Sonatrach refining and marketing vice
president, has taken over as interim chief executive.
-By Spencer Swartz, +44 207 842 9357;
spencer.swartz@dowjones.com