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Congo Republic Plans major shakeup at SNPC,Seeks Bailout

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Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it has been dogged by allegations of corruption and mismanagement,

SNPC, which holds equity in fields operated by Italy’s ENI and France’s Total,and the government on Wednesday criticised the “dysfunction” of its current set-up.as it strives to improve accountability and convince international lenders to bail out the country.

 

“It is the observation of this dysfunction … as well as the interest in improving the performance of the SNPC that leads the Minister Thystere Tchicaya to submit … the proposal presented today,” notes from Tuesday’s cabinet meeting said.

A bill has been approved,which will see a director general replacing the existing board ably assisted by a secretary general and three other deputies says the Government spokesman Thierry Moungalla

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