President Joseph Boakai has broken grounds for the construction of a 17,000 cubic meter gasoline storage tank and a state-of-the-art petroleum testing laboratory at the Liberia Petroleum Refining Company’s (LPRC) Product Storage Terminal (PST).
The 17,000 cubic meter storage tank, when completed over the next 14 months will enhance LPRC’s storage capacity, bringing the total to approximately 64,000 metric tons.
This expansion is also expected to stabilize the market, mitigate supply disruptions, and increase revenue streams for further infrastructure and service improvements as well as ensure products are on the Liberian market at all times.
While the modern petroleum testing laboratory will play a crucial role in maintaining the quality and safety of petroleum products, ensuring that they meet the highest standards before reaching the market.
Officially breaking grounds for the project at LPRC headquarters over the weekend, the President clarified that the project is not intended to undermine the efforts of those who have been supplying the market with petroleum products.
He disclosed that the project is intended to build on their contributions and further strengthen Liberia’s energy infrastructure, describing the initiative as a crucial step forward for Liberia’s energy sector.
“This project represents a significant investment in the right direction, and it is not about competition but about collaboration and ensuring that Liberia is well-positioned for future development.
Our goal is to build a respectable society, help our people start businesses, and open doors for progress after 177 years. This is not about discrimination or opposition; it’s about putting our country first and working together for the common good,” he said.
The President also expressed appreciation to the LPRC Managing Director, Amos Tweh and team for their work and dedication to the initiative and assured them of his support, encouragement to continue serving the country with honesty and commitment.
“We know that everybody in this country is looking for jobs, and jobs can only be created when we have honest, committed people because we are not perfect, but we are determined to do what is right for the people of Liberia,” Boakai asserted.
The President further clarified that his administration is not focused on arresting individuals but rather on addressing wrongdoing and implementing processes that will bring credit to the country, and reiterated his commitment to managing Liberia’s resources properly to create a prosperous and developed nation.
Earlier, the LPRC Managing Director, Amos Tweh asserted, “These projects are a testament to our commitment to addressing both the immediate and long-term needs of our nation.”
Giving the overview of the project, Tweh intoned, “The increased storage capacity will not only stabilize the market but also support our vision of ensuring a stable and reliable supply for the people of Liberia.”
Tweh further explained that these projects are strategically designed to enhance Liberia’s storage capabilities and address the country’s ongoing fuel security concerns.
According to him, the renegotiations led to a reduction in the loan interest rate from 11 percent to 9 percent, saving the Liberian government US$450,000 over three years, and the inclusion of the petroleum testing laboratory at no extra cost to the government or LPRC.
“These advancements reflect our commitment to ensuring a robust and future-ready petroleum infrastructure for Liberia. The new laboratory will allow us to perform rigorous testing, aligning with global best practices and setting a new standard for quality control in the petroleum industry,” Tweh noted.
He added that the projects are expected to contribute significantly to Liberia’s economic growth by ensuring a reliable supply of petroleum products and boosting investor confidence in the country’s energy sector.
Tweh added, “Under President Boakai’s leadership, these initiatives mark a new era of progress and resilience for Liberia. We are resolute in our mission to eradicate the term ‘petroleum shortages’ from the vocabulary of the Liberian people.”
He concluded, “Under your leadership, Mr. President, we will work tirelessly to ensure that our citizens enjoy uninterrupted access to petroleum products, building a stronger, more prosperous Liberia.”
