11 December 2012

Liberia: LPRC, Kuwait in Oil Deal

The Liberia Petroleum Refining Company (LPRC) is pleased to announce that it has entered into discussions with the Kuwait Petroleum Company (KPC) for the supply of petroleum products at concessionary price. These discussions are the result of a request made by President Ellen Johnson Sirleaf during her last visit to Kuwait.

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 sectors.

For example, it will assist LEC in expanding power access to low income families. The NTA will pass on its savings by reduced 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 the Liberia Petroleum Refining Company (LPRC) in monitoring the progress of these discussions at this time. On the Kuwaiti side, the Kuwaiti Ministry of Foreign Affairs is similarly assisting the Kuwait Petroleum Company, KPC.

On Friday, December 7, 2012, The Liberian Ambassador to Kuwait 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.

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