There had been no major rehabilitation on the deteriorating equipment at the Liberia Petroleum Refinery Corporation (LPRC) since 1953, according Managing Director T. Nelson Williams, which has caused the entity's losses to skyrocket from US$1Million to $1.5 Million over the past years.
"Now, from the past, there were lots happening at LPRC as it relates to losses; we had losses because of deteriorating equipment and that's why we started this whole rehabilitation project. Because the terminal was built in 1953 and since 1953, there has been no major rehabilitation until we started this project about a year and half or two years ago," he said.
When leakages on faulty tanks and pipes were being parched, Williams said the company realized that its losses were going up, but added that in the last year, the LPRC has been able to reduce the losses by almost 65 percent, saying when the project is over; they would be right where they have to be with no losses.
He also spoke of minor losses due to theft, but they have also been reduced, and warned that those who do not do the right thing will be dealt with accordingly.
Besides the company's deteriorating equipment issue, Director Williams alarmed that a feasibility study by the entity saw that on the Liberian Market, there were recycled oil being sold in makeshift filling stations and mayonnaise jars to vehicle operators and generators, reducing the lifespan of those motors.
Already, he said the LPRC has begun discussions with the Ministry of Commerce to stop such black markets with the help of the Liberia National Police to make sure the proper products are brought to the country.
Highlighting some projects being undertaken in the LPRC's five years strategic plan, he said the company has begun rehabilitation and expansion of the Ganta Oil Terminal project in Nimba County.
The construction project on the LPRC facility in Ganta since 1980 had seized due to the prolonged civil crisis here, Williams said. He said the facility will serve as the company's strategic reserve for the country as well as supply citizens in that region.
In two months, he said LPRC will unveil a facility being refurbished called the Crude Storage Terminal (CST) that was used back in the 90s and 80s, when the entity was engaged in refinery work, and was being used to bring in Heavy Fuel Oil.
He in the past, the company had 75 percent foreign importers while 25 percent were Liberians "but today, we have 65 percent- majority of the importers to be Liberians because I thought it was strange and something wrong."
Meanwhile, the LPRC Boss has announced that the entity paid back closed to $4.7 Million to the Government of Liberia in taxes, and disclosed that there was increase in demand of the product due to growing number of vehicle owners in Liberia, concession companies, oil palm industry and steel companies, among others.