On October 26, President Joseph Nyuma Boakai of Liberia broke ground for a $35 million expansion and modernization of the Liberia Petroleum Refining Company (LPRC)'s Product Storage Terminal. The project aims to strengthen Liberia's energy security, improve economic resilience, and reduce the country's vulnerability to disruptions in international petroleum markets. The expansion will add 50,000 metric tons of petroleum storage capacity, enhancing LPRC's ability to store fuel for domestic consumption and regional distribution.
The ceremony also featured the dedication of a newly completed 12,800-metric-ton Petroleum Motor Spirit (PMS) storage tank and a modern petroleum product testing laboratory. These facilities are expected to strengthen LPRC's storage and fuel-quality testing capabilities. President Boakai emphasized that Liberia's dependence on imported refined petroleum products exposes the country to international price movements, shipping delays, and supply disruptions, making investments in domestic storage infrastructure crucial.
The expansion plan includes additional storage for 25,000 metric tons of Petroleum Motor Spirit (PMS), 20,000 metric tons of Automotive Gas Oil (AGO), and 5,000 metric tons of Jet A-1 aviation fuel. Upon completion, LPRC's share of Liberia's total petroleum storage capacity is expected to increase from approximately 25 percent to about 50 percent. President Boakai stressed that the company's expanded role in the petroleum sector must be matched by efficiency, transparency, and accountability.
LPRC Managing Director Amos B. Tweh stated that the $35 million expansion is designed to address domestic petroleum storage needs and position Liberia to participate in regional fuel distribution. The project includes marine back-loading facilities, allowing petroleum products stored onshore to be transferred onto vessels for distribution to other coastal markets. This could provide LPRC with additional commercial opportunities while expanding Liberia's potential role in regional petroleum supply.
The expansion will involve more than constructing storage tanks, including reclaiming approximately 15 meters of land into the sea, constructing coastal defence infrastructure, paving the asset wall and the new tank farm, and installing modern systems to support safe petroleum storage and handling. Managing Director Tweh emphasized that the investment is expected to create jobs, generate revenue, and contribute to the national budget.
Minister of Finance and Development Planning Augustine Ngafuan commended LPRC for landmark development initiatives, emphasizing the company's role in contributing to the country's revenue envelope. He challenged institutions of the Liberian Government to raise revenue dedicated to the country's development, highlighting the one-billion budget and the billion expectations from the people.
A leading Liberian Petroleum Importer, Musa Bility, called on the Liberian Legislature to allocate funds in the national budget to purchase and maintain petroleum reserves for Liberia's energy security. The LPRC's modernized infrastructure is expected to serve Liberia over the long term, provided the facilities are properly maintained and efficiently managed. Key stakeholders, including President Boakai, LPRC Board Chairman Aaron J. Wheagar, and Managing Director Amos B. Tweh, were present at the ceremony.
Key points
- President Boakai breaks ground for $35 million LPRC expansion to boost energy security
- Expansion to add 50,000 metric tons of petroleum storage capacity
- Project aims to strengthen Liberia's energy security and improve economic resilience
