Published: August 10, 2024
Bushrod Island — President Joseph Boakai has officially broken ground for the construction of a 17,000-cubic-meter gasoline tank and a state-of-the-art petroleum testing laboratory at the Liberia Petroleum Refining Company (LPRC) Storage Terminal on Bushrod Island.
Speaking at the groundbreaking ceremony on Friday, President Boakai emphasized the project’s significance for Liberia’s development. “This initiative by the LPRC demonstrates my administration’s commitment to transforming every sector of our economy. Such efforts will greatly support those in our country who play a key role in the petroleum sector,” the President stated.
He further praised the LPRC management for their innovative approach in advancing the sector, saying, “I want to thank the LPRC management for what I can only describe as innovative steps toward transforming this vital sector.”
LPRC Managing Director Amos Tweh highlighted the significance of the project, designed to enhance the company’s storage capabilities and address the country’s fuel security needs. He revealed that upon assuming leadership, his team renegotiated critical aspects of previously signed agreements to benefit the government.
“When we assumed leadership at LPRC, two instruments were signed by the previous management: a $7.5 million loan agreement at an interest rate of 11% and a contract to construct the 17,000-cubic-meter PMS tank. While we were obligated to implement these, we set out to renegotiate aspects of the loan agreement and the construction contract,” Tweh explained.
He continued, “We succeeded in reducing the interest rate from 11% to 9%, saving the government about $450,000. Additionally, we managed to include the construction of a modern petroleum testing laboratory as part of the tank project at no additional cost to the government.”
According to engineers, the project is expected to take 14 months to complete. Once finalized, it will significantly increase Liberia’s strategic fuel reserves, contribute to the stability of the petroleum market, and boost government revenue through import levies, sales tax, and the road fund.
Tweh expressed gratitude to all stakeholders involved in the project. “We thank the Board for its effective oversight and guidance, the entire LPRC family for their collective teamwork, and the Legislature for its oversight role. We are particularly thankful to the President for his continued leadership, support, and confidence in our leadership,” he said.
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