There has been significant progress at the state run oil refinery, Petrojam, since a 2018 report by the Auditor General uncovered several questionable management practices that resulted in the entity losing hundreds of millions of dollars.
Auditor General, Pamela Munroe Ellis, made the disclosure in her entity’s 2019/2020 annual report which was tabled in the House of Representatives on Tuesday (January 11).
Munroe Ellis praised Petrojam’s implementation plan which the report noted revealed progress regarding the strengthening of oversight responsibilities of the Board of Directors, particularly compliance with the Public Bodies Management and Accountability Act (PBMA) and Corporate Governance Framework.
The report noted the entity’s increased oversight of donations and the implementation of checklist to allow for proper due diligence and transparency.
In addition, Petrojam’s budget, training and certification in project management were highlighted, which the report says should help to enhance the successful implementation of new projects.
The report also highlighted new initiatives the entity has undertaken to reduce oil losses such as the implementation of dedicated slop drum and the installation of a real time inventory management system.
In 2019, senior managers at Petrojam were directed to ceate a plan to implement all the recommendations made by the Auditor General’s Department in a damning audit of the state-owned oil refinery.
The performance audit conducted in 2018 and a public enquiry by the Public Accounts Committee (PAC) of Parliament uncovered a string of irregularities at the entity.