Ecobank has loaned $22M to Gboni Enterprise Company, for the construction of a petroleum storage terminal to boost the petroleum industry in Liberia. The storage facility will be included into the LPRC (Liberia Petroleum Refinery Company). And it will become the fourth private storage facility in the nation.

David Kweku Thompson, the executive director of Ecobank Liberia, was present at the groundbreaking ceremony for the storage terminal. Which is anticipated to be built by Gboni Enterprise Company. Boakai Sheriff, the CEO of Gboni Enterprise, was lauded by Thomson, the head of Ecobank Liberia, for being a loyal client who typically pay back loans on time. Additionally, he highlighted that the bank is there to assist clients who want to make investments in the Liberian economy.

Thomson stated, “The bank is present for this purpose. It’s crucial that loans are repaid on time since we take people’s money and provide it to others for investments.”

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Benefit of the proposed petroleum storage terminal in Liberia

Adrian Mario Hoff, the Deputy Managing Director for Operations at the Liberia Petroleum Refinery Company (LPRC), emphasized that after the project is finished, many regular Liberians will have job opportunities.

He said, “Both the job market and the petroleum sector will benefit from it. LPRC is happy to collaborate with any company eager to make an investment in the petroleum industry.”

Adrian Mario Hoff added that the petroleum industry’s revenue generation makes a substantial contribution to national growth. Following the ceremonial groundbreaking, Mr. Abraham Dukely, the board chair of Gboni Enterprise, declared that his company will contribute US$22 million to the petroleum storage terminal project.

Mr. Abraham said, “Over a million gallons of gas are being used now, compared to100 gallons at the beginning. We accept that we have come this far only through God’s grace and the support of our dear clients. And we will abide by all regulations essential for us to operate in the petroleum industry.”