The Managing Director of the Liberia Petroleum Refining Company (LPRC), T. Nelson Williams, has disclosed a plan to undertake a US$9.5 million project to expand and rehabilitate the Ganta Oil Terminal in Nimba County, commencing next month.
The LPRC Boss made the disclosure Friday during the Ministry of Information, Cultural Affairs and Tourism regular press briefing on Capitol Hill in Monrovia.
Director Williams said “Liberia now has a petroleum storage capacity for 90-days, attributing this to the construction of two new storage facilities at the entity’s complex, at the Freeport of Monrovia.”
MD Williams further 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 added that despite the current huge capacity at the Freeport of Monrovia, it is also a necessary initiative to have similar facilities in other parts of the country. He further said, “This will also support the decentralization of LPRC activity from Monrovia to other parts of the country. We want to ensure that other facilities have better storages and not establish all in Monrovia.”
Meanwhile, the Minister of Information Lewis G. Brown added that “The country’s petroleum storage capacity puts it in a better position of having up to 90 days to negotiate additional supplies in times of shortage on the world market.”
Brown noted that an added advantage of the huge storage capacity is that it will prevent arbitrary increases in prices of petroleum products even if prices should rise on the international market.