Though the company did not state when the product would arrive in the country, a statement signed by LPRC board of directors said Japan had already written authorities at the Ministry of Commerce informing government of the grant.

The Board of Directors, which is the LPRC’S  highest decision-making body,  further disclosed that the product is expected to arrive in Liberia this year.

In its statement, the board said the decision by the Japanese Government was triggered by the manner in which the first grant delivered to Liberia was managed.

The LPRC board’s statement comes a day after a lead story in the Daily Observer quoted some sources as saying that the corporation had not adequately accounted for the Japanese oil grant.

But the LPRC board declared in yesterday’s statement that on the contrary, “The Government of Japan was so pleased with the management of this grant that they contacted the Ministry of Commerce concerning a second grant to Liberia in 2012.”

The first grant project was managed with the highest degree of transparency, professionalism and efficiency, the LPRC board of directors maintained.

The board also named the Government of Liberia, represented by the Ministry of Commerce, as consignee, and LPRC as custodian.  They were the two government entities that were represented at the turning-over ceremony of the grant.

The board in its statement also stated that a total of 12,404.041 metric tons was delivered to LPRC by the Japanese Government in the first oil grant.

At the time of purchase, the board said, the US$13 million allocated by the Japanese government was not sufficient to purchase 15,000 metric tons of mixed petroleum products due to the increase in the international petroleum price index.

Said information, the board added, was immediately communicated to the Ministry of Commerce, Government of Japan, LPRC Board of Directors and Crown Agents (Japanese Agent) following which a comprehensive report was prepared by LPRC and Ministry of Commerce and submitted to all stakeholders.

LPRC explained that upon the arrival of the product into the country, a total of 12,404.041 metric tons provided was given to a local petroleum dealer, Aminata, who sold the oil on behalf of LPRC.

The LPRC management stated that based on the Liberianization Policy, Aminata, representing a group of Liberian importers, was appointed as Trustee to market and distribute the products.

The board asserted that said arrangement was approved by the Public Procurement Concession Commission (PPCC), based on a letter that was submitted by the Minister of Commerce.

Said letter was part of the report prepared by LPRC and the Ministry of Commerce.

The board further explained that Aminata sold said products to Monrovia Oil Trading Company (MOTC), Petro Trade and West Oil, and subsequently paid a total of US$839,268.40 to LPRC for storage and handling fees,  an amount agreed to in the MOU representing 100 percent of the storage and handling fees due to LPRC from the Japanese Oil Grant arrangement.

Additionally, the company said Aminata deposited a total of US$8,504,177.50 into the escrow account opened at the Central Bank of Liberia. The government of Liberia, according to LPRC, was also paid $1,859,075.00 while the National Port Authority (NPA) was paid US$18,606.07 as port charges relating to the Japanese grant.

Crown Agent, representing the Japanese Government, was paid US$122,068.72 while the LPRC received only US$22,500.00 as administrative cost, the board said.

The LPRC management, however, mentioned that there were losses associated with the transaction such as evaporation, ship-to-shore and demurrage (compensation for loading or unloading delay), which are normal occurrences in the petroleum industry.

Said losses, the corporation said, were communicated to all stakeholders, and were absorbed by LPRC.

The figures given by the corporation to date, however, do not account for the losses in numerical terms.

Meanwhile, the board of directors has also reiterated its commitment to the government’s Liberianization Policy, evidenced by its providing 60 percent of all importation allocation to Liberian firms, while 40 percent is to be shared by international firms.

Liberians must be empowered to take charge of their economy, the LPRC Board insisted.