Managing Director of the Liberia Petroleum Refinery Company (LPRC), T. Nelson Williams
LPRC Generates US$6.1m In 2014
By Calvin Brooks/LINA
MONROVIA, January 17 (LINA) - The Managing Director of the Liberia Petroleum Refinery Company (LPRC), T. Nelson Williams, has disclosed that in the midst of the Ebola crisis, LPRC generated US$6.1 million as net profit in 2014.
Williams stated that the company also paid US$4 million in dividend to the Liberian Government and US$1.8 million to the government in corporate taxes for the year under review.
The LPRC boss made the disclosure Friday night at its Annual Retirement Program for 16 employees held at the Paynesville Town Hall in Paynesville outside Monrovia.
He indicated that the company was able to meet the demands of the Liberian market by ensuring that all three petroleum products used in Liberia were available and distributed to all 15 counties.
The entity also reduced the prices of both gasoline and diesel fuel over the past four consecutive months, Williams added.
He said massive progress has been made in the construction and expansion of the Crude Storage Terminal (CST) at the Freeport of Monrovia and the CST will be operational by June 2015 for the first time in 24 years.
Williams stressed that this will enable Liberia to resume importation of Heavy Fuel Oil (HFO) and LPRC will begin to supply the Liberia Electricity Corporation (LEC) to possibly reduce the cost of electricity in the country.
He disclosed that four petroleum tanks were erected at the Product Storage Terminal (PST) which pipeline will be connected by March 2015 and the tanks made operational by April 2015 to increase LPRC’s storage capacity by 28 percent, generating more revenues for the government.