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For the first time in its operational history, Seychelles’ tanker fleet made a whopping profit of $25 million for the year 2022, stated the CEO of the Seychelles Petroleum Company (SEYPEC). The update was shared with the press on International Women’s Day as the company is headed by two women.
For the first time in its operational history, Seychelles’ tanker fleet made a whopping profit of $25 million for the year 2022, stated the CEO of the Seychelles Petroleum Company (SEYPEC). The update was shared with the press on International Women’s Day as the company is headed by two women.
Last year, the tankers brought the US $25 million in profit and this was due to the rates that were brought about, unfortunately, by the Russian-Ukrainian war. The cost of petroleum products has gone up due to this and our tankers that operate in Europe have benefitted from these high costs, said Romain.
In 2022, Seychelles saw the price of fuel reach $1.87 per liter (SCR 25.20 per liter) at the pump due to the rise in global fuel cost due to high demand and low supply, and fluctuations in foreign exchange rates.
Marine bunkering – providing fuel to fishing vessels – is one of the sectors that bring in the most revenue for SEYPEC. The CEO of SEYPEC said that the company has seen a reduction in the sale of diesel to fishing vessels since the Indian Ocean Tuna Commission (IOTC) introduced its capping policy on the number of yellowfin tuna that can be caught.
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Going deeper into the SEYPEC financial performance for 2022, Romain outlined that a total of 303,929 metric tonnes of product was sold last year, bringing the company a turnover of $480.3 million and a net operating profit of $46.4 million and it paid SCR 250 million ($18,88 million) in dividends to the government. The amount of business tax that the company paid amounted to SCR 792 million ($59.83 million).
SEYPEC, a company founded in 1985 following the closure of the then Shell Oil Company that operated in Seychelles, employs a total of 215 workers out of which only one is a foreigner.
