21 February 2013

Liberia: NOCAL Releases U.S.$29 Million Budget

In line with its regularly stated policy of transparency, the National Oil Company of Liberia (NOCAL) has released its Annual Budget of about US$29 million (as shown below) for the Financial Year 2012/13.

Budget inflows include income from Annual Training, Social Welfare contributions, Hydrocarbon Development Fund, Assets Transfer, Bid Round Application fees, and T.G.S. NOPEC Agreements, NOCAL said in a press lease.

As shown in the outflows/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.

"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, and contributions made by private sector partners for corporate social responsibility, training, etc., as reflected in the Annual Budget," the Senior Vice President and Vice President for Finance, Mrs. Marie E. Leigh Parker said.

NOCAL, she said, will continue to maintain its commitment in meeting its obligations, regarding the Liberia Extractive Industries Transparency Initiative (LEITI).

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