By Sylvester Samba.
The Executive Chairman of Petroleum Regulatory Agency (PRA), Dr. Brima Baluwa Koroma has expressed confidence that his Agency will generate One Trillion Leones for the SLPP government in the coming years.
Dr. Koroma made the disclosure during the ongoing Financial Year 2022 budget discussion taking place at the Ministry of Finance, Treasury Building in Freetown.
Making his presentation, the PRA Executive Chairman informed the gathering that Sierra Leone remains a non-oil producing country and the petroleum downstream industry remains a high demand sector. “The industry contributes about 15% to the domestic revenue…the daily consumption rate is currently in excess of 1.2 million litres in 2021…this will double between 2022 and 2024”, Dr. Koroma noted.
He further explained to the budget hearing committee that it is very important for government to participate in the sector for the good of the country and people.
The PRA Executive Chairman stressed that his government should not leave the sector in the hands of the private sector, adding that the petroleum sector is very critical as it touches the lives of every Sierra Leonean.
Highlighting his Agency’s key achievements, the PRA Chief said that they have developed petroleum guidelines, establishment of strategic storage, intensification of petroleum filed monitoring,ย fuel pricing formula review, introduction of district monitoring officers, strategic partnership and synergistic relationship to deliver value, etc.
In moving forward, Dr. Koroma maintained that PRA is on closing arrangement with key prospective companies, encouraging operators for the construction of oil refinery, attracting investors for the construction of tank farms in the regions, investment in additional petroleum jetty, raise the standards of Bulk Road Vehicles (BRV) and introduce bulk distribution companies and robust monitoring and inspections on all petroleum infrastructures.
