By: Mohamed Sahr
In a bid to transforming the downstream petroleum sector through infrastructural expansion and frequent supply, the Executive Chairman of Petroleum Regulatory Agency on Friday 21st June 2024, commissioned brand new 15KT storage tanks, which are properties of Conex Energy Sierra Leone Limited.
Brima Baluwa Koroma, Executive Chairman of Petroleum Regulatory Agency said the new infrastructures would tend to ease the challenges faced by the downstream industry in terms of storage and supply.
He stated that the vision of His Excellency President Julius Maada Bio was to transform the downstream petroleum sector with a primary focus on identified areas.
He added that the new edifice would not only beautify the investment climate in Sierra Leone but also boost the economy. Emphasizing that in response to the policy objectives set by President Bio, revenue scaled up by almost 128% from Le473 billion in 2018 to 1.2 trillion in 2023.
“As an agency, we have adopted strategic objectives for our enforcement work, first to deliver credible deterrence across the range of our functions; and to ensure visible and meaningful consequences for operators who fail consumers,” PRA Boss said.
Koroma mentioned that the goal focuses on transforming Sierra Leone into a hub for Mano River Basin and to further reach out to the ECOWAS market. He felt proud of how the sector revolves and urged all the industry players to work in addressing long term policy questions on service delivery, economic stability and job creation for the youths.
He revealed that petroleum importation grew by 52.00% from 345 thousand metric tons in 2018 to 525 thousand metric tons in 2023.
Noting that annual sales and distribution recorded 524 million litres in the same year with a compelling figure of 28% from 409 million litres in 2018, which projected to 22% by 2027.
Alpha Ibrahim Sesay, Minister of Trade and Industry said as the downstream petroleum sector continues to transform, the industry has become impressive as a result of its vibrant impressive policies.
He affirmed that the additional tanks farm by Conex Energy Sierra Leone would take the total storage to about 215.000 metric tons. Adding that it would not only improve on the national petroleum storage capacity but also enhance the fuel replenishment period that was previously averaging 2-3 weeks. “Today the downstream petroleum sector in Sierra Leone has become attractive within the region and making it’s an amazing place for investors, and government will therefore continue to support all players for national development,” Minister of Trade and Industry said.
Minister Sesay stressed that the national target for petroleum storage captures at 500.000 metric tons including regional tank farms. He encouraged all oil operators for joint responsibilities and actions on fire safety and fire prevention to avoid disaster at the terminal.
He concluded that Conex Energy Sierra Leone focused on the next phase of its journey which was termed as the Growth and Expansion phase, as well planned to rollout several stations in the course of 2024 and beyond.
Amadu Hah, Managing Director of Conex Energy Sierra Leone said the 15KT storage tanks held a landmark capacity of 11,500 metric tons of fuel, and it far beyond what was in the previous years.
He mentioned that the rebranding process was done to expand storage capacity for the people of Sierra Leone, stating further that the edifice serves as one of the largest within the sub region of West Africa.
He thanked the Petroleum Regulatory Agency and the Ministry of Trade and Industry for their continued supports and monitoring the outcome of the facility.
From the testament above it is a no secret that the Public Accounts Committee under the steering of Hon. Ibrahim Tawa Conteh in the Sixth Parliament came with a fresh energy with strong committment to recover all public funds. It is committed to work in the best interest of the government and people of Sierra Leone which represent.
