The Ministry of Science, Energy and Technology continues to accept comments and feedback regarding the draft Terms of Reference (TOR) developed for the Forensic Audit of oil loss at Petrojam Limited.
The TOR were published in The Gleaner and Jamaica Observer newspapers on Wednesday, March 13, 2019. The document is also published on the Ministry’s website and can be accessed at www.mset.gov.jm.
The Auditor General’s report of December 2018 highlighted an increase in reported unaccountable oil losses over a five-year period ending in 2018 at Petrojam Limited.
The report noted that Petrojam Limited did not provide evidence that it analyzed the sources of the unaccountable oil losses, with a view to better assess and address the problem.
The Oil Loss Forensic Audit is aimed at:
- Quantifying the oil losses at Petrojam Limited for the period April 1, 2012 to March 31, 2018;
- Establishing the reasons for the identified oil losses; and
- Recommending mechanisms to address identified oil losses.