The Congo Republic (Congo) government pledges to replace the Board of Directors (BoD) of the state-run oil company SNPC (Société nationale des pétroles du Congo) in order to improve its accountability and convince international lenders to bail out the country. The nomination of an audit committee at the company is also planned. Congo is negotiating with the International Monetary Fund (IMF) for a bailout in the wake of a steep drop in revenues due to the low crude oil price environment.
Although the domestic oil production has been substantially increased, SNPC has been alleged of corruption and mismanagement. The government will remove the BoD Chairman and appoint a new management whose Director will be in place for a 4-year term (renewable once). He will be assisted by a secretary general and directors in charge of upstream, downstream and financial activities.