March 12, 2011 -- President James Michel hailed the success of the Seychelles Petroleum Company (SEYPEC) as a modern, profit-making and dynamic organisation. He was speaking during the opening ceremony of the new SEYPEC Headquarters 2,500m2 office building at New Port yesterday morning.

President Michel said that Seychelles has much to be proud of SEYPEC as it is an entirely owned Seychellois company, employing an exclusively Seychellois staff of 183. 

"It owns, manages and operates a fleet of six tankers, five of which ply the oceans to transport petroleum products to various ports around the world. The smallest tanker, Seychelles Paradise, operates locally to ensure the safe transportation of vital petroleum products to our inner islands. Our fleet of tankers provide employment to 120 young Seychellois. Bigger and more powerful countries have not been able to match our achievement in this field. It is a remarkable achievement for a country with a population of less than 90,000. And we are justifiably proud of it - yet another victory for Seychelles!"

The President noted that SEYPEC has been actively engaged in petroleum exploration programmes in the Seychelles Exclusive Economic Zone, in partnership with other foreign companies, and that the results look promising.

"There will be drilling of wells before the end of next year.  This will open new vistas for Seychelles and new opportunities. We have every reason to be optimistic," said President Michel.

SEYPEC has today a hub for petroleum products, with a total export value of USD 151 million last year, comprising exports to the region, bunkering and aviation. SEYPEC is also engaged in the production of crude oil, having invested in international oil production, in AFREN, the company in which SEPEC holds minority shares. AFREN operates in Ethiopia, Kenya, Tanzania, Mozambique and Madagascar as well as in West Africa.

The President announced on behalf of SEYPEC, that AFREN is sponsoring 5 million Seychelles Rupees to the Indian Ocean Games. The President expressed the gratitude of the Government and people of Seychelles for this generous gesture.

The Government created SEYPEC in July 1985 with responsibility of importing and distributing petroleum products locally, a function which was prior to that date, being conducted by the SHELL Oil Company.