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LPRC, Conex Petroleum Lease Agreement Submitted For Ratification
Date Uploaded: Jul 20, 2016

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LPRC, Conex Petroleum Lease Agreement Submitted For Ratification
By Wilfred Gortor, LINA

MONROVIA, July 19 (LINA) - A Consolidated Lease and Management Agreement between the Liberia Petroleum Refining Company (LPRC) and Conex Petroleum Group Incorporated has been submitted to the National Legislature by President Ellen Johnson Sirleaf for ratification.

The lease agreement, which was entered into by LPRC and Conex Group on the February 27, 2014, according to a communication from the office of President Sirleaf, and presented to the body on Tuesday, July 19, is intended for the management of the LPRC Crude Storage Facility.

Conex Petroleum Incorporated is a Liberian-owned entity engaged in the importation, supply and distribution of petroleum products and offers customized supply contracts at clients' single or multiple locations to meet their lifting pattern.

President Sirleaf said the LPRC has leasehold rights within the parameters of the National Port Authority in which it has a Crude Storage Terminal.
She disclosed that the facility has not been operational, but dormant for about three decades due to corrosion and the long years of civil conflict in Liberia, among other factors.

The Liberian leader said the agreement will see LPRC lease its Crude Storage Terminal to Conex Petroleum Group for a period of 20 years with an option of extension for additional 20 years under terms and conditions to be agreed upon.

According to President Sirleaf, Conex Petroleum is to rehabilitate, refurbish, upgrade and reconstruct the Crude Storage Facility.

She then urged the Legislature for timely ratification of the agreement in view of government's commitment to promote private sector participation for maximum productivity and revenue generation.

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