LPRC reports US$600,000 loss

Authorities at the Liberia Petroleum Refining Company or LPRC have disclosed here that the entity lost 30% revenue or about US$ 600,000.00 as a result of the deadly Ebola outbreak last year.

However, the LPRC Management says despite the loss, it has directed its focus in seven strategic directions for 2015-2016, including rehabilitation and expansion of its Crude Storage Terminal, modernization and expansion, construction of the LPG plant, construction of the Ganta Oil Terminal, administrative services, leadership development and succession planning, and Liberianization.

Speaking over the weekend at the Ministry of Information, Cultural Affairs and Tourism’s regular press briefing on Capitol Hill in Monrovia, Managing Director T. Nelson Williams, said the first priority is to complete the Crude Storage Terminal at the Freeport of Monrovia in order to commence importation of heavy fuel into the country, which will lead to reduction in cost services by the Liberia Electricity Corporation to customers.

He said project focus two is to complete the modernization and expansion of the Product Storage Terminal in Monrovia, and to increase storage capacity by 43% which will result in increase in revenue and jobs creation for citizens.

Mr. Williams added that project focus there is to restart and complete the construction of the LPG located at the Monrovia Industrial Park in Gardnersville, something, which he noted, will create jobs for Liberians and boost revenue intake through annual taxes, fees and loyalty payments.

The LPRC Boss noted that project focus four is to recommence the rehabilitation, and expansion of the Ganta oil terminal, including a 9.5 million project in April this year, adding that additional jobs will be created for citizens in Nimba County.

 The LPRC boss further explained that project focus five will focus on expanding and improving the physical workforce space and environment to rationalize the organizational structure that will also build up the technical capacity of the operation services and maintenance department. 

Director Williams added that project focus six is about providing necessary training and coaching, and mentoring to staff in all departments, especially the technical departments of the company, while scholars will be sent abroad to advance and acquire higher degrees.

He concluded that project focus seven is to conduct feasibility studies for a good refinery and the encouragement of Liberalization at every Liberian-owned business, as well as empowerment of Liberians.

By Lewis S. Teh

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