Sierra Leone Oil Refinery to restart Operations in April 2021 the Executive Chairman of the Petroleum Regulatory Agency unveiled
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Dr. Brima Baluwa Koroma, the Executive Chairman of the Petroleum Regulatory Agency has announced that the Sierra Leone Oil Refinery at Kissy which had lingered for decades will start again operations in April 2021.
The establishment according to the Executive Chairman has been rebuilt and is fix to begin again refining petroleum products in Sierra Leone. Dr. Koroma was summarizing some of the operational accomplishments and challenges of the Agency during a press briefing at the Ministry of Information and Communications in Freetown on February
04th, February 2021. He explained they will be introducing 60,000 metric tones quantity, of which 10,000 will be acquired by the administration of Sierra Leone to slake the likelihood of outer surprises.
Also, on the rise in pump price of petroleum products from Le 7, 500 Leones to Le 8,500 that evolved practical on the 4th February 2021, Dr. Koroma told the administration spent Le 66.6 billion in 2020 on financing for fuel lonely. And that for this year’s January alone, the government has invested about Le 17 billion and contended that even with
this latest increase, Sierra Leone is nonetheless below the normal price awning in the sub-region.
Dr. Koro stated, the tariff is usually impacted by the worldwide market price and the rate of the foreign exchange. He announced Sierra Leone has the best price management in this part of the world, having declined to conform to displeasing exterior factors particularly in the last quarter of 2020. He also divulged that, the sector provides 15% to the domestic revenue, which has taken off into funding the health, education, energy and agriculture sectors, among others. He noted, the nation consumes 1.1 million liters of fuel per day but reported that, with a population of over 7 million, there are only two importers, two large storage companies and one jetty.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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