FPAC says Seypec operates in an unpredictable industry |13 April 2023

The Seypec team and FPAC members in a souvenir photograph

The Finance and Public Accounts Committee, chaired by the leader of the opposition, Hon. Sebastien Pillay is continuing its target to carry out ex-ante financial scrutiny by meeting with the Seychelles Petroleum Company on Friday March 31, 2023.

The leader of the opposition was accompanied by the vice-chairperson of the Finance and Public Accounts Committee (FPAC) Hon. Terence Mondon, Hon. Sandy Arissol, Hon. Georges Romain and Hon. Richard Labrosse. They were helped by parliamentary staff, deputy clerk Alexandria Faure and committee assistant secretary Sheryl Rangasamy.

The aim of the meeting was to obtain an in-depth overview of the commercial, financial and governance structures of the Seychelles Petroleum Company (Seypec).

Seypec chief executive Sarah Romain was accompanied by the chairperson of the board of directors, Jenifer Morel, board members and senior management staff. They provided an overview of the governance structure of the company, commercial strategies, and governance plans.

Senior management staff Unice Romain and Francis Racombo made presentations on the human resources and financials aspects of Seypec.

Members of FPAC addressed pertinent questions relating to the management of the budget of Seypec, its debtors and the use of resources and threats to its operations as a commercial entity in an industry that can be unpredictable.

The port extension project was also discussed including the impact of the projections, the need to seek out new opportunities and the expansion of diverse revenue streams.

Members of FPAC addressed the fiscal impact of the depreciating value of the tankers and noted the work being carried out by the management of Seypec to soon put forward proposals to the government on the most economically efficient way forward.

FPAC chairperson, Hon. Pillay noted that Seypec operates in an unpredictable industry and highlighted the importance of the dividends contributions by Seypec to government.

The FPAC would like to thank the board and management of Seypec and said it will continue to hold similar meetings with other state-owned enterprises (SOEs).

Press release from the National Assembly