Local petroleum company Sepec has stopped to exist as a parastatal and has instead been merged with Seychelles National Oil Company (Snoc).

The bigger organisation that has resulted from the merger will now be called Snoc, although Snoc will retain the better-known name "Sepec" for international transactions.

The seven-strong unit that was previously Snoc now becomes a research division of the newly formed company.

Captain Guy Adam now heads the board of directors as the chief executive officer and chairman of Snoc. Other members of the board are Messrs Ahmed Afif, Francis Chang-Leng, Eddy Belle, Glenny Savy and Joel Morgan.

The older Snoc was an oil research exploration company which owned shares in Sepec.

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