Petrotech Oil hasn't complied with SRF requirements - ERB

Petrotech Oil hasn't complied with SRF requirements - ERB
By Florence Bupe
Saturday September 01, 2007 [04:00]

THE Energy Regulation Board (ERB) has revealed that Petrotech Oil Corporation has not complied with Strategic Reserve Fund (SRF) remittance requirements in full. Responding to allegations by Petrotech Oil Corporation deputy managing director Dyson Mweene that ERB was unprofessional in its operations following the suspension of the oil marketing company’s operating licence, board communications officer Kwali Mfuni explained that the oil marketing company was not up to date in the remittance of SRF collections.

On Thursday, Mweene claimed that Petrotech Oil Corporation had paid SRF collections in full, amounting to K58 million, and a receipt number 1724 was issued by ERB. However, Mfuni clarified that the K58 million payment was up to May 2007 and Petrotech still owed for June, July and August.

“What is on the ground is that Petrotech is not in full compliance. They are behind by three months,” she said.

Earlier, ERB announced the suspension of operating licences for Petrotech Oil Corporation and Zambezi Oil and Transport Limited (ZOT).
Asked on whether the licence suspension for Petrotech Oil Corporation was still in effect, Mfuni said ERB would give their position next week.

And Mweene has admitted that at the time the licence was suspended, his company still owed ERB.

“The correct position is that an amount of K58, 852, 8181.20 was owing to ERB. This was the basis for ERB to issue a letter suspending the distribution licence for Petrotech Oil,” Mweene said. “Petrotech has had meetings with ERB to resolve this matter.”

Mweene had in an earlier statement accused ERB of being unprofessional in its relationship with oil marketing companies.