Monrovia, Liberia – The Liberia Petroleum Refining Company (LPRC) Storage Terminal will soon have a state-of-the-art petroleum testing facility and a 17,000 cubic meter gasoline tank. The initiatives aim to improve the storage capacity of LPRC and tackle the fuel security of the nation.
During Friday, August 9, 2024, groundbreaking ceremony, President Boakai stressed the importance of the project for the growth of Liberia. The Liberian Leader claimed that the initiative by LPRC shows how committed his administration is to revolutionizing every economic sector.
According to the Liberian leader, the projects will substantially help those who have been instrumental in the petroleum industry. He also complimented the LPRC management on their creative strategy for growing the industry. President Boakai, however, characterized the move as a start toward revolutionizing the crucial industry.
Amos Tweh, the Managing Director of LPRC, stated that upon taking over the company, the previous management had signed two contracts: one for the construction of a 17,000 cubic meter PMS tank and another for a US$7.5 million credit arrangement with an interest rate of 11%.
“We set out to renegotiate certain sections of the construction contract and the loan arrangement, even though we could have been required to implement. We were able to save the government almost $450,000 by bringing the interest rate down from 11% to 9%.”
The Managing Director of LPRC disclosed that he and his deputies were able to incorporate, at no extra cost to the government, the construction of a state-of-the-art petroleum testing laboratory into the tank project.
Director Tweh said the project will take 14 months to complete, but once it is, it will boost the strategic reserve, help keep the nation’s petroleum market stable overall, and enhance government revenue through road fund, sale tax, and import taxes.
“We appreciate the Legislature’s oversight role, the Board’s efficient oversight and guidance, and the entire LPRC family’s collective teamwork.”
Reported by: Prince Saah
Contact: +231778239813
