NP Board told to write-off old debts

The Public Accounts Committee (PAC) has called on the National Petroleum (NP) Board to discuss the matter of long outstanding debts, among other things, at the State-owned oil company. In the parliamentary chamber yesterday, NP was advised to approach the Minister of Finance with a request to write-off long outstanding debts owed to the company, in order to clean up its accounts. The suggestion came from PAC chairman, Senator Wade Mark, concerning years of outstanding debts that continue to be reflected on the company’s accounts, which seemed to have been forgotten. Mark was told that there was difficulty in collecting these debts since some debtors have died or migrated.

He said something must be done, and suggested that the NP board consider writing off the debts or getting a debt collection agency to assist. The NP officials were also asked why the Quik Shoppe projects, where convenience stores were constructed at gas stations, were stalled. Chief Executive Officer, Gerard Acosta, said there was a problem with the award of contracts initially, and the board needed more time to consider the issues. However, he said the problems have been rectified, stating that the project would begin again on Monday as two contracts have already been awarded to begin work on the Tragarete Road Quik Shoppe.