Liberia invests 35 million dollars in petroleum storage
By the AFREEQUE newsroom, based on The Liberian Investigator
Liberian President Joseph Nyuma Boakai has launched a 35 million dollar project to add 50,000 tonnes of petroleum storage and the country’s first facility for loading fuel onto ships. The expansion is expected to raise the Liberia Petroleum Refining Company’s storage capacity to 50% of the national total, according to the presidency.
Liberian President Joseph Nyuma Boakai launched a 35 million dollar investment on Monday 26 October to increase the country’s oil storage capacity by 50,000 metric tonnes. The Liberia Petroleum Refining Company (LPRC) expansion project, run by Liberia’s state-owned refining and storage company, also includes the country’s first facility for loading fuel onto ships, The Liberian Investigator reports.
The expansion includes automated systems, coastal protection works, land reclamation and improved security facilities. Once completed, it is expected to raise the LPRC’s share of national petroleum storage capacity from about 25% to 50%, according to President Boakai. He said the project aims to reduce Liberia’s vulnerability to supply disruptions and fluctuations in international prices.
At the ceremony at the LPRC headquarters on Bushrod Island, Boakai also inaugurated a petroleum products testing laboratory and a 12,800-tonne petrol tank, both already built. The laboratory is intended to strengthen fuel quality controls and consumer protection.
The president called on the LPRC board and management to prevent financial mismanagement and comply with engineering and environmental standards. He also spoke of job creation and the development of technical skills for Liberian workers, entrepreneurs and businesses.
