Report: Europe revives Syria phosphate imports, profiting Russian firm
July 1, 2022, 11:09 am

Report: Europe revives Syria phosphate imports, profiting Russian firm

Damascus Chamber of Industry supports the Russian army in its war against Ukraine by setting up road signs bearing the picture of Russian President Vladimir Putin across the Syrian capital. The sign reads “victory to Russia” (File photo: Damascus Chamber of Industry official Facebook page)

A report said Thursday (June 30), Syrian phosphates used for fertilizer are being exported to Europe in bulk, benefitting a Russian firm and the sanctions-hit Damascus regime.

Italy, Bulgaria, Spain and Poland are among the EU states receiving Syrian phosphates, according to the report by a consortium of investigative journalists led by Lighthouse Reports and the Organized Crime and Corruption Reporting Project.

The investigation said, citing customs documents and trade data, Serbia and Ukraine are also major buyers of Syrian phosphates. Serbia has imported $72 million since 2017, while Ukraine has imported $30 million over the past four years.

According to trade data reported to the United Nations, Italy and Bulgaria resumed trade over the past two years. Spain and Poland started importing Syrian phosphates in January, with the former purchasing around $900,000 and the latter $37,000 so far this year.

The regime in Syria has since 2015 been heavily backed by Russia in its long-running civil war.

An agricultural worker drives a tractor spreading fertilizers to a field of winter wheat near the village of Husachivka in Kyiv region, Ukraine April 17, 2020. (File photo: Reuters)

International sanctions do not ban the import of Syrian phosphates but key Russian and Syrian players involved in the trade are sanctioned by the US or Europe, which raises questions over liability.

The trade is growing fast as the war in Ukraine drives up fertilizer and phosphate prices, raising demand for cheap and high-quality Syrian phosphates which were among the country’s top exports before the outbreak of war in 2011.

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According to the report, the export deals are managed by companies linked to Stroytransgaz, a Russian construction giant that controls Syria’s Tartus port and state-run fertilizer factories, along with the right to extract and sell phosphates for a period of 50 years from a key mine.

Thirty per cent of the revenues from phosphate sales are reserved for the Syrian state, according to experts not involved in the report.

Stroytransgaz is owned by a close associate of President Vladimir Putin. It denies it is working in Syria but the investigation said it found senior officials from the Russian company oversee these contracts.

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According to the investigation, the sales to Europe are carried out quietly, with cargo ships disabling their tracking systems while heading towards Syria and reappearing en route to Europe later.

The investigation alleged, the European sales are propping up a complex network of shell companies and middlemen, including Lebanese shipping company Mediterranean Petroleum and Shipping.

According to the report, two trading companies managed by a Lebanese businessman have arranged for Syrian phosphates to arrive in Serbia via Romania.

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The report added, Phosphate sales to Europe help line the pockets of Syrian and Russian war profiteers, including a Syrian militia-turned-security company owned by two business figures close to the Damascus regime.

The report also asserts that the trade boon offers no benefits for Syrian farmers who have struggled since the government scrapped fertilizer subsidies last year amid shortages and price hikes.

Source: alarabiyaenglish

UK Tory MP who 'drank far too much' resigns from government Levant newspaper.. ISSUE 37 July 2022

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.