The Government of Liberia has embarked on the construction of a 17,000 cubic meters gasoline tank and a state-of-the-art petroleum testing laboratory at the Liberia Petroleum Refining Company (LPRC) Storage Terminal.
The initiative is intended to enhance LPRC’s storage capabilities and address the country’s fuel security. Performing the groundbreaking ceremony on Friday, August 9, 2024, President Joseph N. Boakai said the project is significant for Liberia’s development and demonstrates his commitment to transforming every sector of the economy.
The Liberian leader said that the project will greatly support those who have played a key role in the petroleum sector and praised the LPRC management for their innovative approach in advancing the sector.
For his part, LPRC Managing Director Amos Tweh said when he assumed leadership at LPRC, two instruments were signed by the previous management, naming a US$7.5million loan agreement at an interest rate of 11% and a contract to construct a 17,000 cubic meters PMS tank.
“While we may have been under obligation to implement, we set out to renegotiate aspects of the loan agreement and the construction contract. We succeeded in reducing the interest rate from 11% to 9%, saving the government about US$450, 000,” he said.
He said his team also succeeded to include as part of the tank project, the construction of a modern petroleum testing laboratory at no additional cost to the government. Managing Director Tweh indicated that the project will have a 14-month duration and when finalized, it will increase the strategic reserve, contribute to the overall stability of the country’s petroleum market and spur revenue growth for the government through import levies, sale tax and road fund.
“We thank the Board for its effective oversight and guidance, the entire LPRC family for the collective teamwork, and the Legislature for its oversight role,” he added.
