PetroSeychelles responsible for the upstream petroleum sector |10 April 2015

Since March 2012, the responsibility for the upstream petroleum sector in Seychelles was transferred to PetroSeychelles and Seychelles Petroleum Company (Seypec) retained the responsibility for the downstream sector.  

This means that PetroSeychelles is responsible for managing petroleum exploration and if oil is found in economic quantities, it will also oversee the development and production phases.

Seypec, on the other hand, is responsible for importing, transporting, marketing and sales of refined petroleum products such as LPG, gasoline, kerosene, diesel and fuel oil.

PetroSeychelles’ chief executive Eddy Belle made this clarification in a letter yesterday following the publication of the article entitled ‘World Bank and local stakeholders discuss EITI implementation in Seychelles’ which appeared in our issue of yesterday.

A World Bank mission from the Energy and Extractive Global Practice of the World Bank met local stakeholders on Wednesday to discuss the Extractive Industries Transparency Initiative (EITI) implementation in Seychelles. The stakeholders comprised parliamentarians, officials of civil society, finance department of the Ministry of Finance, Trade and the Blue Economy, and PetroSeychelles not Seypec as erroneously reported.