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NOCAL refutes media reports of misuse of oil funds

By James Akoi
NOCAL President and CEO, Dr. Randolph McClain,
NOCAL President and CEO, Dr. Randolph McClain,

(mylbsonline/Liberia)-The Management of the National OIL Company of Liberia (NOCAL) has clarified that all funds from Liberia’s Oil Sector are accounted for within the context of transparency.

NOCAL says its clarification is in reaction to media reports of financial mal-practices at the company.

The company said: “Contrary to the reports, we are doing everything possible to improve the oil sector and ensure that Liberians benefit from whatever the company will accrue.”

“I still see the press as a critical partner in the development of the Oil Sector,” NOCAL President and Chief Executive Officer, Dr. Randolph McClain, said.

He told mylbsonline that the Management of NOCAL has adopted a policy to meet the press regularly for transparency at the company.

Dr. McClain added: “NOCAL has spent two and a half million United States Dollars on 30 Liberian students currently studying abroad in oil engineering.”

Meanwhile, the Management of NOCAL is warning media institutions to always double-check their information before publication.

In its 4th report recently released, the Liberia Extractive Industries Transparency Initiative (LEITI) claims that US$330,000.00 was unaccounted for in the oil sector.

LEITI in the report said: “We found out that companies in the oil sector paid US$49,911,073.86, but only US$49,081,073.86 was paid in the Liberian Government’s coffers.

Addressing a news conference Monday, June 3, 2013 in Monrovia, the NOCAL President and Chief Executive Officer admitted to LEITI’s claim in part.

Dr. McClain said: “After reconciling internal working documents, it was discovered that only US$230,000 is in question, and not US$330,000.

“The details of the reconciled internal working documents revealed that the variance is due to a period recording error,” he explained.


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