Jaarverslag 2014

II. Letter of the Managing Director
partially offset by a 14% decrease in
oil prices. Our profit before tax of
US$ 400 million declined 7% compared
to 2013. Consequently, contributions to
the government budget decreased nine
percent to US$ 259 million, of which
US$ 122 million entails taxes and
US$ 137 million dividend payments.
In 2014 our health and safety focus
was on improving safety awareness
and behavior of both Staatsolie and
contractor personnel with the slogan:
‘Safety is everyone’s responsibility’. We
are proud to report the safety record at
the Refinery Expansion Project which
shows more than 7,000,000 construction
man hours without a lost workday
case. In the upstream, twelve lost time
incidents were recorded compared to
sixteen in 2013.
The refinery operations produced
1.46 million barrels refined products
compared to a target of 1.44 million, at
an availability of 98.7 percent. Mid-July
the refinery was taken out of service to
make necessary interconnections with
the expanded refinery. On 13 December
we inaugurated the expanded refinery,
which will enable us to supply a large
portion of the local fuel demand.
Ultra-low sulphur diesel and gasoline
production will commence in the
second half of 2015.
The steep fall of international oil prices, which started
in the second half of 2014, had a major impact on the
global oil industry and inevitably on Staatsolie as well.
To maintain maximum profit during this challenging
time, Staatsolie was quick to draw on its capability to
implement extensive measures to re-balance its budget.
In 2014, we have managed to record consolidated gross
revenues of US$ 1,056 million, which is 3% higher
than in 2013. The increase largely resulted from a
19% increase in trading volumes of oil products and
a 60% increase in electricity production, which was
In order to maintain sufficient electric power supply,
at the request of the Government and based on sound
economic viability, Staatsolie Power Company Suriname
N.V. further expanded its power plant to a capacity of
62 megawatt. The expanded capacity was taken into
operations in March 2014. A further expansion to 96
megawatt initiated in October 2014, will be operational
mid-2015.
In 2014 majors steps were taken to diversify our
exploration portfolio to include nearshore and foreign
acreage besides the traditional onshore acreage. To this
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Staatsolie Annual Report 2014