Seychelles Petroleum Co. is losing 14 million rupees ($1 million) a month on its oil tanker business, Le Seychellois Hebdo said, citing a report by the Office of the Auditor General, Bloomberg reports. The total loss at the state-owned company has risen to 630 million rupees, the weekly reported. It triggered the resignation earlier this week of Chief Executive Officer Guy Adam after he opposed a government plan to sell two of the company’s five tankers, according to the newspaper.
Seychelles Petroleum invested 2.65 billion rupees over the past 10 years, according to the report. The tanker business faces its worst market conditions in 25 years because of an oversupply of ships, the weekly said.
Seychelles Petroleum invested 2.65 billion rupees over the past 10 years, according to the report. The tanker business faces its worst market conditions in 25 years because of an oversupply of ships, the weekly said.