21 February 2013

Liberia: U.S.$29 Million for Nocal

The National Oil Company of Liberia or NOCAL has made public its 2012/2013 budget in the tune of nearly US$29 Million dollars.

A statement issued in Monrovia authorized by NOCAL Vice President for Public Affairs Israel Akinsanya Wednesday reveals that inflows include income from annual training, social welfare contributions, hydrocarbon development fund, assets transfer, bid round application fees, and T.G.S. NOPEC agreements; while outflows or the expenditure category, a very high percentage of the proposed annual budget is allotted for capacity building including scholarships, capital expenditure and development to improve NOCAL's capability.

The release reveals that within the inflows or receipt category of NOCAL 2012/2013 budget, social welfare contributes $1,450,000; hydrocarbon development fund $375,000.00; annual training $1,075,000.00 and T.G.S. NOPEC Agreement $18,405,533.40.

Other incomes include interest on time deposit $300,000.00; bid round application fees $2,500,000.00; miscellaneous revenues or JOC fees $194,000 and assets transfer and transactional income amount to $2,500,000.00.

Additionally in the inflows category, NOCAL said surface rental fees by the Government of Liberia contributes $1,102,446.78; University of Liberia $775,000 and renewable energy funds $300,000, with a grand total revenue of $28, 976,980.18.

However, the grand total expenditure according to the NOCAL release equally amounts to the grand total income of US$28, 976,980.18.

The release quotes NOCAL Senior Vice President and Vice President for Finance, Marie E. Leigh Parker as saying "Liberia does not receive any oil revenues - all income at this stage is generated by fees for the use of seismic data by other parties."

Madam Parker said contributions are made by private sector partners for corporate social responsibility, training, among others. She said NOCAL will continue to maintain its commitment in meeting its obligations, regarding the Liberia Extractive Industries Transparency Initiative (LEITI).

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