When finalized, the gasoline tank will increase LPRC's strategic reserve, contribute to the overall stability of the country's petroleum market, and spur revenue growth for the government.
By Lewis S. Teh
Monrovia, August 12, 2024: The Government of Liberia, through the Liberia Petroleum Refining Company (LPRC), broke ground over the weekend for the construction of a 12,800-metric-ton gasoline tank and a modern testing laboratory.
President Joseph Nyuma Boakai led the groundbreaking exercise and expressed deep gratitude to LPRC's management. He termed it a marvelous achievement.
"I want to thank you Amos and the entire management team here at LPRC for achieving this milestone," he said while addressing LPRC Managing Director Mr. Amos Tweh.
President Boakai said this is exactly what he wants to see across every sector of government.
He admonished those entrusted with public positions to demonstrate professionalism and work in the country's interest.
LPRC Managing Director Mr. Amos Tweh said both projects are designed to enhance the entity's storage capabilities and partially address the country's fuel security concern.
Upon assuming leadership at LPRC, he said the previous management had signed two instruments, including a 7.5 million loan agreement at an interest rate of 11% and a contract to construct 17,000 cubic meters, or 12,800 metric tons, of PMS tank.
Tweh disclosed that his administration set out to renegotiate aspects of the loan agreement and the construction contract.
"We succeeded to reduce the interest rate from 11% to 9%, saving the government about US$450,000," he narrated.
The LPRC boss indicated that his administration also succeeded in including the construction of a modern petroleum testing laboratory at no additional cost to the government as part of the tank project.
Accordingly, the engineers have noted that the project will have a 14-month duration. When finalized, it will increase LPRC's 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.
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He extolled the Board of LPRC for its effective oversight and guidance, the entire LPRC family for the 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," Tweh noted.
The LPRC groundbreaking ceremony was held at the entity's corporate office on the Bushord Island and it brought together scores of government officials.
