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Energy Ministry publishes draft terms of reference for forensic audit at Petrojam

The Energy Ministry has now published the draft terms of reference to be used for the forensic audit into the massive oil losses at Petrojam.
 
The advertisement in Wednesday's Gleaner says the main objective of the audit is to quantify the oil losses at Petrojam from April 1, 2012 to March 31, 2018.
 
The firm selected to do the audit will also be expected to establish the reasons for the losses and recommend mechanisms to address the problem.
 
The scope of work includes reviewing previous Petrojam audits and assessment of all stages of the company's operations, from purchase of products to final sale.
 
The ministry said it is seeking a firm with at least 10 year's experience in carrying out forensic audits of oil refinery operations.
 
The draft terms of reference did not state the duration of the contract or who would supervise the audit.
 
Energy Minister Fayval Williams has said the ministry is inviting feedback on the draft document.
 
Prime Minister Andrew Holness ordered the audit following revelations that Petrojam was unable to account for more than 600,000 barrels of oil worth more than $5 billion.
 


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