President Ellen Johnson Sirleaf
Pres. Sirleaf Hopes For NOCAL’s Speedy Revival
By Wilfred Gortor, LINA
MONROVIA, August 25 (LINA) – President Ellen Johnson Sirleaf has expressed the hope that with the administrative restructuring of the National Oil Company (NOCAL), the entity will rise and continue to promote Liberia’s hydrocarbon sector.
She said NOCAL has over the years played a very significant role in the development of the hydrocarbon sector as well as made significant contribution to the economic growth and development of the nation.
Delivering a special statement at the Ministry of Foreign Affairs on Tuesday, the Liberian leader emphasized that employees affected by the restructuring scheme possess technical skills that will be utilized in other ways to move the country forward.
On Tuesday, President Sirleaf announced an approved Sustainable Action Plan (SAP) aimed at implementing significant restructuring of NOCAL with the objective of ensuring that the company continues its mission to develop Liberia’s hydrocarbon resources in the interest of the nation.
Several measures, including the reconstitution of the Board of Directors, the laying-off of the company’s current Chief Executive Officer (CEO) and other employees as well as the proposed resignation or dismissal of the company’s Vice President for Administration, Vice President for Public Affairs, amongst other things, were announced by the President.
According to the Liberian leader, with the company’s revenue shortfall for over a year, and high recurring operational expenditure, the action plan is also intended to bring cost under control and put NOCAL on a viable financial footing.
She cited the current oil price collapse and other external factors, including Liberia’s recent Ebola challenge, as contributing factors that plunged the company into its current financial crisis.
The President noted that an able team enjoying exceptional high level of compensation and benefits should have taken steps to mitigate the extent of the external factors on the company’s finances.