The Liberia Petroleum Refining Company (LPRC) has entered into a significant long-term Sale Purchase Agreement with Stratcon Energy and Trading Limited, aimed at ensuring a sustained supply of refined petroleum products to Liberia.
This agreement, once operational upon LPRC’s request to Stratcon Energy Trading Limited, aims to establish a durable and continuous flow of refined petroleum products to LPRC. It leverages Stratcon’s regional capabilities and access to key petroleum resources to bolster Liberia’s petroleum supply chain.
Mr. Amos Tweh, speaking on behalf of LPRC, hailed the agreement as a milestone in fostering collaboration between the two entities, promoting mutual growth, and delivering value for both parties. He emphasized that the agreement would empower LPRC to secure consistent quality in finished petroleum products and maintain fuel availability in the Liberian market.
Assuring Stratcon Energy & Trading Limited of LPRC’s commitment to upholding the terms and conditions of the agreement within the framework of Liberian laws, Mr. Tweh underscored the importance of private sector investment, aligning with President Joseph Nyumah Boakai’s agenda.
In line with this vision, Mr. Tweh announced that products resulting from the contract between LPRC and Stratcon Energy & Trading Limited would be available for sale to any importer, streamlining business operations and alleviating challenges associated with obtaining letters of credit from banks.
Highlighting the significance of the agreement, Mr. Tweh stressed that its implementation would enable LPRC to reclaim its statutory responsibility of importing and distributing petroleum products across Liberia, a function previously franchised to private oil importing companies.
Mr. Harry Campbell, leading the delegation from Stratcon Energy & Trading Limited, expressed gratitude to LPRC for the opportunity to engage in business collaboration. He expressed optimism that the agreement would unlock opportunities for energy stock exchange, benefiting the economies of Liberia and Ghana.
The signing ceremony, held at the Product Storage Terminal on Bushrod Island in Monrovia, was attended by members of the Board of Directors from both LPRC and Stratcon Energy & Trading Limited, as well as senior management officials from LPRC.
Stratcon Energy and Trading Limited, headquartered in Qatar, the United Arab Emirates, and Accra, Ghana, is a leading petroleum conglomerate engaged in refining, distribution, and sales of crude oil and petroleum products in the West Africa region and the Americas.
This strategic partnership between LPRC and Stratcon Energy & Trading Limited underscores a commitment to enhancing Liberia’s energy sector and fostering economic growth and development in the region.
