The Honourable Vice President of Sierra Leone, Dr Mohamed Juldeh Jalloh, has inspected the construction of the new terminal for the All-Petroleum Products (APP), and the ongoing renovation and expansion of the NP-SL terminal, while encouraging them to work together for a sustained fuel supply in the country.
He told newsmen that his visit at the two facilities at Kissy showed a strong partnership between the government of His excellency President Dr Julius Maada Bio and the petroleum industry players, adding that fuel product was an essential commodity to nation building and for economic growth.
“The government of His Excellency President Dr Julius Maada Bio appreciates the maintenance of the NP-SL terminal and the construction of a new All Petroleum Products. The whole idea of the partnership is to provide safety and quality delivery in the petroleum industry.
“I, therefore, encourage you all not only NP and APP but the entire petroleum industry players to work together. Government sometimes have to lose taxes to accommodate fuel stability in the country because fuel shortage tremendously affects the economy and every sector in the country,” he noted.
The Vice President further stated that the growth and expansion of the petroleum industry was always at the center of the New Direction government of President Julius Maada Bio. He said the sector was critical to economic growth and urged suppliers to cohabit and promote a healthy competition, thereby utilising and actualising government’s commitment to opening up the sector for credible investment.
Chairman of the Petroleum Regulatory Agency (PRA), Dr Brima Baluwa Koroma, said their objective as a regulator, since the New Direction government came to power in 2018, was to take leadership in opening the market space, restoring fairness in the industry for all operators and increasing sector efficiency and transparency.
“We are focusing on initiatives that will develop the petroleum industry infrastructure, particularly shortage, additional terminals and maintaining government’s strategic stock. We also ensure compliance to the petroleum laws and tax commitments in all regulated activities for the greater benefit of all Sierra Leoneans,” he stated.
Dr. Baluwa also noted that there had been an impressive increment in the importation, sales, and the generation of revenue in the sector, adding that in 2018, 340.06 metric tons were imported, 409.90 million liters were sold and Le473.30 billion was collected as revenue.
“In 2019 we imported 380.06 metric tons. We sold 407.91 million liters and generated a revenue of Le743.03 billion. In 2020, we also imported 435.96 metric tons, sold 416.08 million liters and generated revenue of Le753.79 billion. These figures are expected to rise in 2021,” he concluded.