By Mohamed Fofanah [email protected].
The Petroleum Regulatory Agency (PRA) on Friday commissioned two new storage tanks – 15 thousand metric tonnes each for petrol and diesel owned by Conex Energy Sierra Leone Limited, increasing its storage facility as part of efforts to address frequent supply disruption of petroleum products in the country.
Speaking at the Kissy Fuel Depot in Freetown, the Executive Chairman of the Petroleum Regulatory Agency, Brima M. Baluwa Koroma announced that the national storage is targeted at 500 thousand metric tonnes; approximately, 230 thousand metric tonnes capacity is already available.
โStorage must no longer be a hindrance to service delivery,โ said Baluwa Koroma; adding thus, โToday, we have three operational petroleum jetties in Sierra Leone. The Agency prides itself on 14 district monitoring officers nationwide and four regional offices across the country,โ said Baluwa Koroma.
Mr Koroma revealed that President Maada Bio set up three specific policy objectives for the sector such as taking leadership in opening up the market space; restoring fairness in the industry for all operators that will increase sector efficiency and transparency; and to focus on initiatives that will develop the petroleum industry infrastructure particularly storage, additional terminals, and maintaining government strategic stock.
In response to the call on duty, petroleum revenue jumped by almost 128 percent from SLL473 billion in 2018 to SLL1.2 trillion in 2023, according to the PRA boss.
Additionally, petroleum importation grew by 52 percent from 345 thousand metric tonnes in 2018 to 525 thousand metric tonnes in 2023.
Also, Mr Koroma announced that annual sales and distribution recorded 524 million litres in the same year with a whooping jump of 28 percent from 409 million litres in 2018.
The Minister of Trade and Industry, Ibrahim Alpha Sesay said the sector desperately needed reforms as unresolved challenges continued to impact the sector with weak investor appetite, frequent supply disruption, and a declined government revenue when the current government assumed power in 2018.
Mr Sesay said as the downstream petroleum sector continues to transform, the industry has now become impressive because of its vibrant and progressive policies.
Meanwhile, he said the government directed the Petroleum Regulatory Agency to focus on initiatives that will develop the petroleum industry infrastructure, particularly storage, additional terminals, and maintaining government strategic stock.
With the national target for petroleum storage being 500,000 metric tonnes, including regional tank farms; an additional tank farm by Conex Energies will enhance the fuel replenishment period that was previously averaging 2-3 weeks.
โToday, the downstream petroleum sector in Sierra Leone has become attractive within the region and making it a compelling place for investors,โ said Mr Sesay, adding that the government will therefore continue to support all players for national development.
Elsewhere, Conex Energy officially acquired Total Energies affiliates in Sierra Leone and Liberia on November 10, 2021.
At the time of the acquisition in 2021, the total usable storage available to Conex in Sierra Leone was only 11,500 tonnes with diesel 7,000 tonnes; petrol 3,000 tonnes; Jet A1 Aviation Fuel: 1,500 tonnes.
Following that and long-term commitment to Sierra Leone’s development and customers; in just over two years, Conex Energy Sierra Leone has completed the construction of two 15,000 (=30,000 metric tonnes).
Currently, the total usable storage capacity now available to Conex in just two years is 41,500 tonnes with diesel 22,000 tonnes (25,569,280) litres; petrol18,000 tonnes (24,516,000 litres); Jet A1 Aviation Fuel 1,500 tonnes (1,873,500 litres), Conex data showed on Friday.
