The Finance and Public Accounts Committee (FPAC), 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 (SEYPEC) on Friday 31st March 2023. The Leader of the Opposition was accompanied by the Vice-Chairperson of the FPAC, Hon. Terence Mondon, Hon. Sandy Arissol, Hon. Georges Romain and Hon. Richard Labrosse. They were assisted by Parliamentary staff, the Deputy Clerk, Ms. Alexandria Faure and the Committee Assistant Secretary, Ms. Sheryl Rangasamy. The aim of the meeting was to obtain an in-depth overview of the commercial, financial and governance structures of SEYPEC.

 

 

The CEO of SEYPEC, Mrs. Sarah Romain was accompanied by the Chairperson of the Board, Mrs. Jenifer More, Members of the Board of Directors and Senior Management Staff. They provided an overview of the governance structure of the company, commercial strategies, and governance plans. Senior Management staff, Ms. Unice Romain and Mr. 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. The Chairperson of FPAC, Hon. Pillay noted that SEYPEC operates in an unpredictable industry and highlighted the importance of the dividends contributions by SEYPEC to the Government.

 

 

The FPAC would like to thank the board and management of SEYPEC and continue to hold similar meetings with other SOEs.