MONROVIA — The Liberian Senate have unanimously endorsed the investment incentive agreement between the Republic of Liberia and Gboni Enterprises Incorporated, marking a pivotal step towards the construction of a state-of-the-art petroleum storage terminal.
The agreement, initially ratified by the House of Representatives in September following exhaustive reports from its Joint Committee on Investment & Concessions, Judiciary, and Ways, Means, Finance & Development Planning, paves the way for the establishment of a 25,000 MT ultra-modern petroleum storage facility. Gboni Enterprises Inc., a 100% Liberian-owned oil and gas importation and distribution company with over twelve years of successful operation in Liberia, is set to spearhead the ambitious project.
The accord, signed on April 21, 2023, aims to address the imminent shortage of petroleum products in Liberia. The Senate’s approval, after a review of the instrument, underscores the perceived substantial benefits the investment holds for the nation.
Senators on Capitol Hill anticipate that the venture will not only generate direct and indirect employment opportunities but will also serve as a catalyst for economic growth. With a total investment value of US$22 million, the project is poised to make a lasting positive impact on the Liberian economy, contributing to job creation and enhancing long-term energy security.
