Algeria suspends grain agency head in corruption probe — govt sources

A combine harvester is used to harvest wheat in a field west of Buenos Aires, December 18, 2012. (Reuters)
Updated 15 July 2019

Algeria suspends grain agency head in corruption probe — govt sources

  • Belabdi is accused of “inflating bills and making false statements”

ALGIERS: Algeria’s government has suspended the head of grains agency OAIC over corruption allegations, sources close to the prime minister’s office said, creating uncertainty for traders who supply one of the world’s biggest cereal importers.
The decision to suspend Mohamed Belabdi pending the completion of investigations was taken at a government meeting chaired by Prime Minister Noureddine Bedoui, the sources told Reuters on Monday.
The government also decided to shut a total of 45 mills in relation to the alleged corruption case.
Belabdi is accused of “inflating bills and making false statements,” one of the sources said.
OAIC did not answer telephone calls from Reuters seeking comment.
Algeria has placed several former senior officials in custody since mass protests broke out earlier this year demanding the removal of the ruling elite and the prosecution of people suspected of involvement in corruption.
OAIC has a monopoly over wheat imports and purchases 7-8 million tons of the cereal annually through international tenders in order to supply flour mills.
French supplies usually account for the majority of Algeria’s wheat imports, making the North African country the top export destination for French wheat.
European traders said it was too early to tell if the corruption probe would alter the functioning of OAIC.
But the suspension of Belabdi comes as traders are already anticipating possible changes in Algeria’s import policy due to budgetary constraints and efforts by top wheat exporter Russia to gain access to the Algerian market.
“This shows they are continuing to clean things up and to keep a close eye on spending,” one European grain trader said of the probe into OAIC.


Big oil feels the heat on climate

Updated 48 min 20 sec ago

Big oil feels the heat on climate

  • Trump singles out ‘prophets of doom’ for attack as industry leader promises global forum: ‘We will be different’
  • Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal

LONDON: Teenage environmental activist Greta Thunberg slammed inaction over climate change as the global oil industry found itself under intense scrutiny on the opening day of the World Economic Forum in Davos.

The teenage campaigner went head to head with US President Donald Trump, who dismissed climate “prophets of doom” in his speech.
She in turn shrugged off the US president’s pledge to join the economic forum’s initiative to plant 1 trillion trees to help capture carbon dioxide.
“Planting trees is good, of course, but it’s nowhere near enough,” Thunberg said. “It cannot replace mitigation. We need to start listening to the science and treat this crisis with the importance it deserves,” the 17-year-old said.
The 50th meeting of the World Economic Forum was dominated by the global threat posed by climate change and the carbon economy.
The environmental focus of Davos 2020 caps a year when carbon emissions from fossil fuels hit a record high, and the devastating effects of bushfires in Australia and other climate disasters dominated the news.
Oil company executives from the Gulf and elsewhere are in the spotlight at this year’s Davos meeting as they come under increased pressure to demonstrate how they are reducing their carbon footprint.
“We are not only fighting for our industry’s life but fighting for people to understand the things that we are doing,” said Vicki Hollub, CEO of Occidental, the US-based oil giant with extensive oil operations in the Gulf. “As an industry when we could be different — we will be different.”

‘Planting trees is good, but nowhere near enough,’ activist Greta Thunberg told Davos. (Shutterstock)

She said the company was getting close to being able to sequester significant volumes of CO2 in the US Permian Basin, the heartland of the American shale oil industry which is increasingly in competition with the conventional oil producers of the Arabian Gulf.
“The Permian Basin has the capacity to store 150 gigatons of CO2. That would be 28 years of emissions in the US. That’s the prize for us and that’s the opportunity. People say if you’re sequestering in an oil reservoir then you are producing more oil, but the reality is that it takes more CO2 to inject into a reservoir than the barrel of oil that it makes come out,” Hollub said.
The challenge Occidental and other oil companies face is to make investors understand what is happening in this area of carbon sequesteration, she added.
The investment community at Davos is also looking hard at the oil industry in the face of mounting investor concerns.
Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal. It accused some of these groups of failing to live up to the World Economic Forum goal of “improving the state of the world.”