DRC Hydrocarbons Minister Addresses SEP Financial Challenges
Didier Budimbu, the Minister of Hydrocarbons in the Democratic Republic of Congo (DRC), discussed the recent developments surrounding the Société des Pétroles (SEP) in an interview with Radio Okapi.
He shed light on the company’s decision to scale back operations due to financial constraints, primarily stemming from delayed payments by the government.
Minister Budimbu reassured the public that steps were being taken to address the financial issues facing SEP and other oil companies.
He mentioned progress made in settling a portion of the debt owed to these companies, with SEP receiving nearly $10 million out of $123 million distributed among all involved entities.
Additionally, the minister disclosed that further financial assistance had been provided to SEP to support its day-to-day activities, in collaboration with the Ministry of Economy.
When discussing the long-term sustainability of SEP and its partners, Minister Budimbu emphasized that the recent adjustments were not motivated by a desire for power but rather by a legitimate need for overdue payments.
He praised the logistical efforts of SEP, SOCIR, and Rescom in managing fuel supply despite global challenges, ensuring stability and averting crises seen in other regions.
Addressing government fuel subsidies, Minister Budimbu clarified that the state shoulders a significant portion of the fuel costs to support the Congolese population.
This subsidy plays a vital role in stabilizing food prices and transportation costs, aligning with the government’s commitment to its citizens.
Regarding financial advances from commercial banks to cover shortfalls, the minister confirmed that $123 million had already been disbursed, with plans for additional disbursements to sustain the stability of the grants.
He assured the public that the situation was being managed effectively, ruling out any imminent fuel crisis. Interested parties were encouraged to consult the Director-General of SEP for further information on the matter.
