The government of Liberia has taken a significant step towards enhancing its energy security and stabilizing the market by entering into a supply agreement with STRATCON Energy & Trading Ltd., facilitated by the Liberia Petroleum Refining Company (LPRC).
On Wednesday, May 8, 2024, LPRC and STRATCON, a Ghanaian-based petroleum company, signed a memorandum of understanding (MoU) for a one-year period, with the possibility of extension. The agreement aims to bolster Liberia’s strategic petroleum reserve.
During the program, Mr. Jacob Smith, Deputy Managing Director of LPRC, emphasized the importance of this agreement in fostering economic growth and development in Liberia.
Harry Campbell, Chief Executive Officer of STRATCON, expressed optimism about the partnership, highlighting their commitment to offering competitively priced petroleum products to support Liberia’s economy.
Campbell stated, “We are one of the biggest importers of fuel in Ghana and West Africa. We’ve been engaging with LPRC for some months now, and we are pleased that this partnership is finally taking effect.”
Meanwhile, Amos Tweh, Managing Director of LPRC, hailed the agreement as a milestone achievement, underlining its significance in ensuring a stable supply of petroleum products during President Boakai’s tenure.
Tweh emphasized that LPRC’s role extends beyond importation to include distribution, storage, and ensuring a steady supply of petroleum products to the market.
He clarified, It’s also important to emphasize that when we talk about importation of petroleum products by LPRC , we are only importing and supplying, but we will not be involved into retail. We also see that it is our responsibility to make sure that those private players remain afloat in the petroleum industry to enable them continue to maintain their customer base.”
Under the agreement, LPRC will stock petroleum products in their tanks and supply them to importers, distributors, and other stakeholders as needed.
The collaboration between LPRC and STRATCON is poised to strengthen Liberia’s petroleum sector, fostering economic growth and resilience.
The agreement signifies a commitment to enhancing energy security and ensuring stability in Liberia’s petroleum market, which is vital for the country’s overall economic development.
Both parties expressed confidence that this partnership will yield mutual benefits and pave the way for future cooperation in the energy sector.
As Liberia continues to prioritize its energy infrastructure and resources, such agreements play a crucial role in driving progress and prosperity for the nation.
Looking ahead, stakeholders anticipate that this partnership will serve as a model for future collaborations aimed at enhancing Liberia’s energy security and promoting sustainable development.
In conclusion, the supply agreement between LPRC and STRATCON marks a decisive step towards fortifying Liberia’s energy security and fostering economic growth, underscoring the importance of strategic partnerships in advancing national interests.
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