In pursuance of a request by President Ellen Johnson Sirleaf during her last visit to Kuwait, the Liberia Petroleum Refining Company (LPRC) has entered into discussions with the Kuwait Petroleum Company (KPC) for the supply of petroleum products here at a concessionary price.
The request is for a special commercial arrangement between LPRC and KPC for the supply of petroleum products at discount price to enable LPRC bring relief in the form of fuel subsidy to the Liberia Electricity Corporation (LEC), National Transit Authority (NTA) and the JFK Hospital, among others.
The intention is to help these institutions reduce the high cost of fuel and pass on the savings by expanding services to larger segments of the population, including vulnerable people.
For example, the move will assist LEC in expanding power access to low income families, while the NTA will pass on its savings by reducing fares to certain categories of customers, including students, security personnel in uniform and the elderly.
As this is a special bilateral commercial arrangement, only the Ministry of Foreign Affairs and the Liberian Ambassador in Kuwait are assisting LPRC in monitoring the progress of these discussions at this time, while the Kuwaiti Ministry of Foreign Affairs is similarly assisting the Kuwait Petroleum Company, KPC.
The Liberian Ambassador to Kuwait Friday informed the senior management of LPRC that discussions with the Kuwaiti Authorities were encouraging and that he expects approval from the Kuwait Petroleum Company (KPC) soon.