We are one of the leading companies in our country Suriname. Staatsolie is located in this hidden treasure of South America, where we passionately contribute to the advancement of our country. We do so by developing exploration activities, producing and refining crude oil to high-quality products, and providing local and international markets with these products.
Staatsolie Maatschappij Suriname N.V. is a vertically integrated state-owned company. Staatsolie was founded on 13 December 1980, with the Republic of Suriname as the sole shareholder. Staatsolie is a commercial entity, and pursuant to its bylaws also has an institutional function. Commercially, the company is involved in exploration, drilling, production, refining, marketing, sales including service stations, transport of crude and refined products, and generation of electricity.
Our vision represents the spirit and energy of Staatsolie’s successful history of development, growth and its distinctive value-based performance culture.
Our vision
Energizing a bright future for Suriname.
Our Mission
Developing energy resources to maximize the long-term value for Staatsolie and Suriname.
Our Strategy
Develop offshore and renewables, optimize onshore and downstream, and grow capabilities, with an engaged workforce, inspired by our values.
Zero harm
We strive for zero harm to the planet and our people, especially the communities and the environment around us.
Integrity
We are honest and do what we say we will do.
Excellence
We accept responsibility, deliver high quality work with a sense of urgency.
Teamwork
Trust and respect each other, collaborate and create a non-blaming environment.
CORPORATE GOVERNANCE KEY PRINCIPLES
The Executive Board has overall responsibility for the conduct of the Company and all operational matters, allocation of resources, and direction-setting towards the achievement of the Company’s strategic plans as approved by the Supervisory Board.
The Supervisory Board has overall responsibility for the stewardship of the Company. The Executive Board agrees the strategic direction with the Supervisory Board and discusses the status of strategy implementation with the Supervisory Board at regular intervals, based on the strategic plan developed by the Executive Board and approved by the Supervisory Board.
The Executive Board and Supervisory Board are responsible for creating long-term value creation of the Company and promoting openness
and accountability.
The Company’s overarching principles include:
• The Supervisory Board and the Executive Board have a fiduciary duty to act in the best interest of Staatsolie and apply the principles of independence, probity, honesty, and diligence.
• Staatsolie should be governed by an independent Supervisory Board that oversees the strategy and long-term value creation of the organization.
• The Supervisory Board should review its composition at least annually or on an as needed basis to confirm it is operating within its full capacity, it comprises of members with appropriate expertise, skills, diversity and independence.
• The Supervisory Board, together with the Executive Board must confirm that the necessary resources are in place for Staatsolie to meet its strategic objectives and establish a framework of prudent and effective controls, which enable risk to be assessed and managed.
• The Supervisory Board shall seek the interest of its shareholders and thus maintain open communication and constant engagement by its shareholders.
Supervisory Board Sub-committees
The Supervisory Board will establish and maintain as standing committees:
• Audit, Risk and Compliance Committee (ARCC)
• Nomination and Remuneration Committee (NRC)
Criteria and tenure of the Supervisory Board
The Supervisory Board should be comprised of suitably qualified members with business acumen and knowledge in diverse disciplines. All Supervisory Board members should possess the following qualities:
• The ability to assess, analyze, suggest and promulgate alternative strategies.
• Previous experience and/or exposure to relevant disciplines of the Company’s business.
• Awareness of current developments in their relevant disciplines and the wider industry.
• The highest standards of integrity and probity.
• Critical assessment and judgment skills.
• The ability to listen and the ability to forge relationships and develop trust.
In order to support good governance practices and to adhere to leading international standards, a person appointed as Chairman or Supervisory Board member may not serve as a member of the Supervisory Board in any capacity for a period of more than two consecutive terms.
Conflict of interest
Supervisory and Executive Board members have a duty to act with objectivity in all matters where a specific conflict of interest does not arise. The Supervisory Board and Executive Board may authorize any matter or situation proposed to them which would otherwise involve a member breaching his duty to avoid conflict of interest considering integrity aspects.
Code of conduct
We wants our core values 'integrity' and 'accountability' to be lived by all our employees. A code of conduct has been established to give direction to this behavior. This code should ensure that our reputation and integrity will be protected.
Staatsolie’s Code of Conduct is established to detail requirements and expected behaviors with respect to key principles, including, but not limited to, confidentiality, objectivity, competence, treatment of peers, business and personal relationships, health, safety, security and environment and company assets. The Code applies to all Staatsolie employees and any persons who act in an official capacity on behalf of the Company. Staatsolie has also established an Integrity Committee to enforce and monitor compliance with the Code, and to provide support to employees on ethical matters.
Whistleblower Policy
Staatsolie has established a Whistleblower Policy to guide good governance and promote transparency within the Company, by means of secure reporting and in-depth investigations.
The Integrity Committee supports the whistleblowing process by receiving, reviewing and/or coordinating investigations or other complaints received through established whistleblower channels.
Environment
The Supervisory Board shall support the Company’s commitment to protect the environment and contribute towards sustainable development. All Staatsolie employees are encouraged to actively participate in Company’s initiatives to safeguard and minimize our impact on the environment in the course of achieving the Company’s strategic objectives, vision and mission.
Corporate Social Responsibility (CSR)
Staatsolie aims to actively and positively engage in the communities where we work and live, and as such, our employees are expected to continuously respect our communities and our environment, and help the Company achieve its CSR goals, inclusive of encouraging team member volunteerism in our respective communities, investing resources in organizations and
programs that help enhance the well-being of local communities and supporting appropriate CSR initiatives of our business affiliates.
Our employees are invaluable assets of the Company and play a vital role in achieving the vision and mission of the Company. The Supervisory Board shall oversee the Executive Board’s implementation of comprehensive and documented policies and procedures with respect to occupational safety and health, industrial relations and fair practices in respect of employees.
Being accountable for people and the environment is one of our core values. It is important to us that no harm is done to the environment and the community. We demonstrate our corporate citizenship, also through the Staatsolie Foundation for Community Development Foundation, by supporting initiatives that improve the health, education and development of the population of Suriname. Since 2017, we have been emphasizing close cooperation with the communities in areas where we operate. To this end there is regular contact with the communities and representatives of the local government.
Before we develop activities in new areas, the possible environmental and social impacts are assessed. These environmental and social impact assessments (ESIAs) are done by external experts. The ESIA report proposes mitigation measures to manage possible effects on the environment and communities.
Documents
Check out our Media Center for all our Governance documents.
Here you will find the latest version of our Articles of Association.
Staatsolie demonstrates a firm commitment to Health, Safety, Environment & Quality (HSEQ) by effectively using an integrated management system.
Read our HSEQ policy here.
Staatsolie Maatschappij Suriname N.V. is a Supporting Company of the Extractive Industries Transparency Initiative (EITI). As the National Oil Company of Suriname, Staatsolie is commited to transparency and to supporting the activities of the Extractive Industries Transparency Initiative (EITI). Staatsolie has actively participated in the process led by the government of Suriname in becoming a candidate country, as of 24 May 2017, and is a primary member of the Multi-Stakeholder Group responsible for implementing the EITI in Suriname. By supporting EITI, we commit to encourage initiatives for transparency of revenues related to natural resource extraction, reduction in poverty and progress in the fight against corruption.
For more information on EITI, please visit the website.
Develop offshore and renewables, optimize onshore and downstream, and grow capabilities, with an engaged workforce, inspired by our values.
Traces of oil have been found in the Nickerie district in the late twenties of the previous century. It is only forty years later, before oil is really found in the Saramacca district. And it takes another twenty years before a national oil industry is starting to develop.
Staatsolie is established on 13 December 1980 (Articles of Association), which was a big step in the development of the Surinamese oil industry. After a successful exploration and production test program, commercial production started on 25 November 1982. From that moment on Staatsolie achieves one milestone after the other.
While drilling for water on a school yard in Calcutta (Saramacca), oil is struck at a depth of 160 meters.
In May the government appoints the Oil Commission, chaired by geologist Eduard ‘Eddie’ Jharap.
Commercial oil production starts on 25 November in the Tambaredjo oil field in Saramacca. The production starts at 200 barrels a day.
With a loan secured from a consortium of local banks, Staatsolie sets up production facilities and infrastructure at Catharina Sophia (Saramacca), and purchases its first oil tanker.
The first rotational pump ('moyno') is installed. This type of pump replaces the pump jack.
Our new headquarters in Flora is inaugurated.
Construction of the underground pipeline from Saramacca to Tout Lui Faut commences in January. The line becomes operational in August
In February President Ronald Venetiaan gives the starting signal for construction of the refinery. That same day the company signed a US$ 36 million loan contract with a consortium of banks consisting of ABN-AMRO Bank and EFAG Bank (a subsidiary of the Swiss ABB concern). ABB Lummus Global from the Netherlands is awarded the contract for building the refinery.
In July Staatsolie commences drilling of production wells in the Tambaredjo.
The refinery is officially operational.
The production is 8000 barrels per day.
On June 4th Managing Director Eddie Jharap is fired by the sole shareholder (the Republic of Suriname), for opposing the selling of Staatsolie to Korean investor Daewoo. Jharap takes to court and wins his case on June 29th. His unfair dismissal is then reversed.
Start for the construction of a 22 kilometers pipeline from the refinery at Tout Lui Faut to Suriname Aluminum Company (Suralco) at Paranam.
By securing 30% of the shares, Staatsolie becomes co-owner of Ventrin Petroleum Company Limited, a Trinidadian bunkering firm supplying services to the ships at Point Lisas and other ports in Trinidad & Tobago.
In December Staatsolie commemorates its 25th birthday. Among others a monument at the Staatsolie headquarters is unveiled and a commemorative book is published,
Also, Managing Director Eddie Jharap is bestowed the highest national award and received the big ribbon in the honorary order of the Yellow Star.
The supervisory board appoints Marc Waaldijk as Managing Director in February
The Calcutta oil field is put into production.
The 1,000th well is put into production in the Tambaredjo field.
The ethanol pilot project commences in December in Wageningen Nickerie. Thirteen sugar cane varieties are tested to determine the one suitable for producing bio fuel.
After 40 years the Texaco brand is replaced by GOw2. In December the gas station at the Van ’t Hogerhuysstraat receives the colors, the logo and the furnishing of the new GOw2 identity.
After two years of preparations, the capacity of the Staatsolie Power Company Suriname (SPCS) is expanded to 62 megawatt. On 28 February, the expanded thermal power station is officially in operation.
Official inauguration of the expanded refinery on December 13.
We support, also through the Staatsolie Foundation for Community Development, initiatives that improve the health, education and development of the people of Suriname.
The Board of Directors at Staatsolie is composed of dedicated professionals who provide strategic leadership for our company. They bring a wealth of experience and expertise from various sectors. Collaboratively they oversee the company's strategic planning, operational efficiency, financial management, and risk mitigation. They ensure robust corporate governance, maintain stakeholder relationships, and promote innovation and sustainability to drive the company's growth and uphold its industry leadership.
The Supervisory Board is responsible for supervising the Board of Executive Directors and the policies pursued. Supervision focuses on achieving financial and operational objectives, compliance, and governance. In line with this, the Supervisory Board ensures that business risks are adequately identified and managed, that the culture and behavior are appropriate and that business operations are sober, efficient, and transparent. The Supervisory Board also acts as an advisor and sounding board for the management.
We have been responding to the needs of Surinamese and the region for oil products for almost 40 years. Through our subsidiaries we are able to better serve our customers. Our business processes comply with ISO 9001:2015 quality management standards. We implement national and international industry standards and best practices in order to maintain a safe and healthy work environment, also at our subsidiaries.
We also have a 25% stake in the Merian Gold Mine of Newmont Suriname.
Click on the logo and read more info on the subsidiary here below.
Confidence in our own abilities
