Local dailies were Wednesday replete with news reports that the National Oil Company of Liberia (NOCAL) was facing financial crisis.

In a letter to the Senate President Pro-Tempore, Grand Kru County Senator Albert Chie said the oil program is indeed facing difficulties and that the joint committees have planned legislative hearings next week to probe the matter in order to make full report to plenary.

According to Senator Chie, the NOCAL Team will be requested to also provide the company’s proposed plan and details of the austerity measures contemplated in the immediate to short-term to keep NOCAL financially solvent.

He added that if the retrenchment of employees is being considered as part of these measures, the committees will put a hold to it pending consultations between NOCAL and the joint Senate and House committees.
The letter also disclosed that the Ministers of Lands, Mines and Energy; Finance and Development Planning as well as Justice will appear because they are members of the Hydrocarbon Technical Committee and oversee the energy, finance and the legal sectors of the company.

The communication further stated that the Ministers of Lands, Mines and Energy and Finance are members of the Board of Directors of NOCAL, who reportedly participated in certain policy decisions and approvals that have contributed to the present predicament and, as such, their views on moving the oil program forward will be useful.
LINA RS/TSS/PTK