Africa-Press – Liberia. The Liberia Petroleum Refining Company (LPRC) has announced its plans to import petroleum products into the Liberian market through an agreement with Stratcon Energy and Trading Ltd., a Ghanaian-based oil import and distribution company.
The partnership, which is known as a Sales Purchase Agreement (SPA), was formalized during a signing ceremony held on Wednesday, May 8, at the Product Storage Terminal (PST) on Bushrod Island.
LPRC Managing Director Amos B. Tweh hailed the agreement as a significant moment for the company, stating, “Today is truly a remarkable day in the history of the LPRC. This is a milestone achievement since the founding of the company.”
He explained that the decision to import petroleum products is part of LPRC’s responsibilities to distribute, store, and sell such products. “After many years, LPRC is embarking on a momentous journey of importing petroleum products,” he said.
Tweh emphasized that the goal is to ensure energy security and market stability. “We believe that this is necessary to ensure energy security for our country and, at the same time, to ensure market stabilization and balance in the market overall,” he added.
Tweh clarified that LPRC’s role would be focused on the supply and distribution of products rather than entering the retail market.
“When LPRC imports the product, we will have it in our tanks and provide it to importers, distributors, and those who want it,” he said. “We are not going into the retail market.”
The new partnership with Stratcon-Ghana was the result of discussions with potential suppliers in the region. “As a result of our discussions, the management of LPRC, with the approval of the Board, has seen it necessary to forge a strong partnership with Stratcon-Ghana for the supply of petroleum products on the Liberian market,” Tweh said.
The Executive Director of Stratcon Energy and Trading Ltd, Harry Campbell, expressed enthusiasm about the partnership and its potential benefits.
“We have been engaging LPRC for some months now and are happy that this engagement is finally taking fruition,” Campbell said. “We hope that this partnership will create other opportunities to strengthen the Liberia petroleum sector.”
LPRC’s Board chairman, Aaron J. Wheagar, highlighted the importance of the deal for Liberia’s fuel security and stability.
“We are about to sign an agreement that will make LPRC ensure that we have fuel security in this country,” he said. “If we have fuel available on the Liberian market, it will lead to political and economic stability.”
Wheagar clarified that the agreement with Stratcon is not intended to block other importers from bringing products into the country. “The board instructed LPRC not to exceed 30% of the supply on the market for the first year,” he stated.
He also mentioned that LPRC is open to working with other potential suppliers.
The agreement marks a major step for LPRC and Stratcon Energy in their efforts to enhance the availability and affordability of petroleum products in Liberia. The partnership aims to strengthen the country’s energy security and support the broader economy.
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