MONROVIA- The Liberia Petroleum Refinery Company (LPRC), has broken ground for the construction of 12,800 metric tons of gasoline tank, and a modern petroleum testing laboratory for Liberia.
During the groundbreaking ceremony held at the LPRC headquarters over the weekend, the President of the Republic of Liberia H.E. Joseph Boakai performed the groundbreaking for the construction of a 17000 cubic meter/12, 800 metric tons pms tank.
By Francis G. Boayue
Providing an overview of the projects, the Managing Director of LPRC Amos Tweh, said:
“Both projects are designed to enhance LPRC ‘s storage capabilities and to address in part the country’s fuel security concern.
“When we assumed leadership at LPRC, two instruments were signed by the previous management: a 7.5 million loan agreement at an interest rate of 11% and a contract to construct 17000 cubic meters/12, 800 metric tons of 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.
“We also succeeded in including as part of the tank project, the construction of a modern petroleum testing laboratory at no additional cost to the government, ” MD Tweh said.
He further said: “according to the engineers the project is expected to last for a 14-month duration. When finalised, it will increase our 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.
Also thank the Board 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 added.
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