Chairman Brima Baluwa Koroma, PRA Executuve Chairman
Brima Baluwa Koroma, the Executive Chairman of the Petroleum Regulatory Agency (PRA), inaugurated two new 15kt (totaling 30, 000) storage tanks owned by Conex Energy Sierra Leone Limited. This marks a significant step in the transformation of the downstream petroleum sector through infrastructural expansion and a consistent supply chain.
Koroma emphasized that these new infrastructures aim to alleviate the storage and supply challenges faced by the downstream industry. He highlighted President Julius Maada Bio’s vision of transforming the sector with a primary focus on key areas.
“The new edifice will not only enhance the investment climate in Sierra Leone but also boost the economy,” Koroma stated. He noted that, in line with President Bio’s policy objectives, revenue in the sector surged by nearly 128%, from Le473 billion in 2018 to Le1.2 trillion in 2023. Koroma outlined the PRA’s strategic objectives, which include enforcing credible deterrence and ensuring meaningful consequences for operators who fail consumers.
Koroma’s vision includes transforming Sierra Leone into a hub for the Mano River Basin and extending its reach to the ECOWAS market. He called on industry players to collaborate in addressing long-term policy questions related to service delivery, economic stability, and job creation for the youth.
He revealed that petroleum importation increased by 52%, from 345 thousand metric tons in 2018 to 525 thousand metric tons in 2023. Annual sales and distribution reached 524 million liters in the same year, a compelling figure up 28% from 409 million liters in 2018, and projected to grow by 22% by 2027.
Alpha Ibrahim Sesay, Minister of Trade and Industry, praised the ongoing transformation of the downstream petroleum sector. He affirmed that the new tank farms by Conex Energy would raise the total storage capacity to approximately 215,000 metric tons. This expansion not only improves national petroleum storage but also extends the fuel replenishment period from the previous average of 2-3 weeks. “Today, the downstream petroleum sector in Sierra Leone has become attractive within the region, making it an appealing place for investors. The government will continue to support all players for national development,” Sesay stated.
Sesay underscored the national target for petroleum storage, aiming for 500,000 metric tons, including regional tank farms. He urged all oil operators to take joint responsibility for fire safety and prevention to avoid disasters at the terminal.
He concluded that Conex Energy Sierra Leone is entering its Growth and Expansion phase, with plans to roll out several new stations in 2024 and beyond.
Amadu Bah, Managing Director of Conex Energy Sierra Leone, highlighted that the new 15kt storage tanks have a landmark capacity of 11, 500 metric tons of fuel, surpassing previous capacities. He explained that the rebranding process was aimed at expanding storage capacity for the people of Sierra Leone, establishing the facility as one of the largest in the West African sub-region.
He expressed gratitude to the Petroleum Regulatory Agency and the Ministry of Trade and Industry for their continued support and oversight of the facility.