The National Oil Company of Liberia (NOCAL) has released its Annual Budget for the Financial Year 2012/13. A release said the budget is in line with NOCAL's policy of transparency. The budget is about 29 million United States Dollars. Inflows include income from annual training, social welfare contributions, Hydrocarbon Development Fund, Assets Transfer, Bid Round Application fees, and T.G.S. NOPEC Agreements, among others.
According to a release, a 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).