-As LPRC’s MD Tweh Boasts of Saving GOL US$450,000 in Contract Signed by Predecessor with Same Company Building the Facility
IPNEWS: On Friday, August 9, President Joseph Nyuma Boakai went to the Liberia Petroleum Refining Company (LPRC) to perform a groundbreaking for the construction of a 12,800 metric tons of gasoline tank.
Before the President broke the ground, the LPRC’s MD, Mr. Amos Tweh, said the construction project will also include a modern petroleum testing laboratory for Liberia.
“Both projects are designed to enhance LPRC’s storage capabilities and to address in part the country’s fuel security concern,” MD Tweh stated. The construction is being done by LUTECH Engineering and Project Management Consultants FZC JV.
He narrated: “When we assumed leadership at LPRC, two instruments were signed by the previous management: a US$7.5million loan agreement at an interest rate of 11% and a contract to construct 17,000 cubic meter/12, 800 metric tons of [Premium Motor Spirit – 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 to reduce the interest rate from 11% to 9%, saving the government about US$450,000.”
He boasted further that he and his team of negotiators succeeded to include as part of the tank project, the construction of a modern petroleum testing laboratory at no additional cost to the government.
“The project, according to the engineers, will have a 14-month duration. When finalized, 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,” he disclosed.
Importance of the Construction Project
MD Tweh stated how excited his management team is for the construction of the new PMS storage tank with the capacity of 17,000 cm3, which will equate to approximately 12,800 metric tons. “This new addition will increase our total storage capacity to around 64,000 metric tons. The expansion is designed to address the growing demands for petroleum products and to support our vision of ensuring a stable and reliable supply for the people of Liberia.”
He further stated that in addition to the storage tank, the construction for the “state-of-the-art petroleum testing laboratory, will play a crucial role in maintaining the quality and safety of the petroleum products that come into the country. “It will enhance our ability to perform rigorous testing, ensuring that all products meet the highest standards before they reach the market,” he added.
According to Tweh, the background of those projects is rooted in their commitment to address both the immediate and long-term needs of the nation. “The increased storage capacity will not only help stabilize the market and mitigate supply disruptions but will also boost our revenue streams, enabling us to invest further in infrastructure and service improvements.”
Tweh’s Overall Goal
The LPRC’s MD disclosed that his overall goal is to ensure that LPRC leads the way in providing a reliable and efficient supply of petroleum products while contributing to the overall economic growth of the nation
He informed President Boakai and his audience that since taking the helm at LPRC, “petroleum prices have consistently deceased. Therefore, we are resolute in our mission to eradicate the term ‘petroleum shortages’ from the vocabulary of the Liberian people.”
President Boakai
Before he broke the ground for the construction works to begin, President Boakai clarify without making any reference to a particular person or group, that none of the reformed initiatives at LPRC is intended to undermine the efforts of people who have done all to keep petroleum products on the market. He thanked them for the sacrifices that they have made.
“In fact, it is for this reason that I have said that sometime this year, we are going to honor Liberians who have been resilient in going through all the difficulties of being businesspeople in this country.”
The President stressed that his Administration only intend is to help build Liberia and he is committed to doing so without any discrimination.
The President indicated that the construction is an investment in the right direction. “The benefits are going to be enormous, and it is just a matter of time and we will see what this will bring to the table.
“Let us understand that we are behind in everything. For some of us, we don’t see that. We think life is just about ourselves; but we will make this country a respectable country not just in term of our years. But we will show that the challenges that we have in this country we can overcome them, that we all see country first and the contributions that we can make.
He again reiterated that his Administration is here to make sure that the right things are done in order to put Liberia back on the map for the right reasons.
He expressed how impress he is to have seen the level of developments that have taken place at the LPRC over the years since he last served as MD at the state-owned enterprise more than three decades ago.
“17,000 cm3 of products management storage facility is a big contribution. It will help the importers; and LPRC is not going to compete in retailing. It is going to support the storage facility and all those areas where we thought we have fallen short and making other people to take over. We are going to renegotiate. Liberia must be for Liberians! We are not going to build a country that is wholly dependent on foreign efforts.”
