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Texaco Blames Poor Outing on N934m Severance Package From Onyebuchi Ezigbo in Abuja Managing Director of Texaco Nigeria Plc, Mr. Jules Harvey, has attributed the company's relatively poor performance in the year 2003 to the financial burden imposed on it by the merger with Chevron-Nigeria. Speaking at the company's 35th Annual General Meeting held yesterday in Abuja, Harvey adduced the astronomical drop in the company's 2003 profit after tax to the accrual from the severance payoff totaling N934.044 million required to settle 135 of its employees that were sacked in the course of the current restructuring programme, and interest payment. He also said that NNPC's imposition of stringent cash calls and credit terms reduction from 30 days to 15 days have impacted negatively on the company's cash flow. He said a clear picture of the negative impact on the company's cash flow is depicted by a meager cash flow of N6.8 million as at May this year. The MD who also doubles as the firm's chairman explained that the growing preference of natural gas as alternative source of fuel over automotive gas oil (diesel) has negatively affected the company's turnover. Harvey said that overdraft as a means of financing imports of refined products is unavoidable if the company must remain in business. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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