The Liberia Petroleum Refining Company (LPRC) will complete construction work on its crude storage terminal at the Freeport of Monrovia next month.
LPRC Managing Director T. Nelson Williams said the facility will be the largest petroleum storage tank in Liberia with a capacity of 27,000 metric tons.
It is being built by Conex, a Liberian-owned company in Monrovia, which is a leading petroleum products importer. Making the disclosure at the Ministry of Information daily press conference in Monrovia Friday, the LPRC official indicated that the facility will afford LPRC the opportunity to commence the importation of heavy crude oil.
He noted that this will help reduce costs for the Liberia Electricity Corporation (LEC) and its customers across the country. Williams disclosed that almost completed are the erection of a 24,500 metric ton heavy fuel oil tank, construction of a pump house and installation of firefighting equipment, among others.
He said for the past 22 years, LPRC has not been able to import heavy fuel oil due to damage done to those facilities during the civil conflict. Williams further explained that construction work on the terminal began at the end of 2013, but was delayed due to the Ebola outbreak which caused most of the foreign distributors to leave the country.
At the same time, the Liberia Petroleum Refining Company (LPRC) has revealed plans to undertake a US$9.5 million project to expand and rehabilitate the Ganta Oil Terminal in Nimba County next month.
Managing Director T. Nelson Williams disclosed that negotiations are ongoing for the project which includes an administrative building, pump house and pump accessories, firefighting and foam system, among others.
Williams told journalists Friday at MICAT regular press briefing that Liberia now has a petroleum storage capacity for 90 days, attributing this to the construction of two new storage facilities at the entity’s Freeport complex.
Williams added that despite the current huge capacity at the Freeport of Monrovia, it is also a worthy initiative to have similar facilities in other parts of the country, prompting consideration of expanding the Ganta facilities.
Also speaking, Information Minister Lewis Brown said the country’s petroleum storage capacity puts it in a better position of having up to 90 days to negotiate additional supply in time of shortage on the world market.
Brown noted that an added advantage of the huge storage capacity is that it will prevent arbitrary increase in prices of petroleum products even if prices should rise on the international market.