LPRC reports US$26m revenue increase

The management of the Liberia Petroleum Refining Company or LPRC has reported revenue increase from 24 to US$26 million for the period April 20, 2015 to April 20, 2016, representing 85 percent.

Celebrating one year of leadership of Professor Sumo G. Kupee at the LPRC Wednesday, 20 April on Busrod Island adjacent the Freeport of Monrovia, Deputy Managing Director for Operations Bobby G. Brown said the success is as a result of collective determination to achieve as a team.

He outlined three key arears – infrastructure, financial management and importation where vigorous achievements were made during the one year leadership of the current administration led by Professor Kupee, a former senator for Lofa County and member of President Ellen Johnson Sirleaf’s governing Unity Party.

Mr. Brown said significant renovation was made on the entity’s storage tanks to enable importers store petroleum products brought into the country, including its crude oil storage terminal at the Bong Mines Pier which is 98 percent complete.

He said revenue at the entity has grown gradually over the period from 24 to 26 million. The achievements catalogue ceremony was attended bby cross section of stakeholders in the industry, including importers, members of the Board of Directors, including former Senate President Pro-Tempore Milton Gbehzohngar Findley; ex-managing director and Senator Cletus Wotorson, among others.

Addressing the press subsequently following the ceremony, the celebrant Professor Kupee said the secret of his success in the last one is due to prudent economic policy. “My background is economics and one of the best ways to increase revenue is by reducing expenditure. On the question of revenue I thing we are doing well to the extent that we wouldn’t have the need to borrow money from external sources”, the university lecturer explains.

He emphasized the need for infrastructural development at the LPRC, particularly storage facility, adding that it would require an estimated US$23 million to have improved storage terminal facility for the country. Reporting

-by Jonathan Browne