An economic delegation from Morocco, led by the Moroccan Embassy in Freetown, last Thursday engaged the management of Petroleum Regulatory Agency (PRA) at the Ministry of Foreign Affairs and International Cooperation (MFAIC) on potential investment opportunities within the downstream petroleum sector and equally commit to robust mutual and bilateral ties.
Speaking at the engagement, the Moroccan Ambassador accredited to Guinea, Ambassador Isam Taib applauded the Ministry of Foreign Affairs for creating the enabling platform for the Moroccan delegation to discuss critical and bilateral issues with selected Ministries, Departments and Agencies (MDAs) in Sierra Leone.
Ambassador Isam Taib noted that they were in Sierra Leone on a two-day working visit as a result of the excellent bilateral talks President Julius Maada Bio had initiated with the Kingdom of Morocco in the first quarter of 2024 on deepening the existential bilateral ties between both countries and possible investment opportunities on trade, agriculture, education, energy, and mining.
Ambassador Taib said, “the Kingdom of Morocco is committed to explore and support Sierra Leone’s vast investment opportunities in the priority sectors”. He congratulated Sierra Leone on its historic attainment of the strategic position at the UN Security Council, noting that the Kingdom of Morocco was very pivotal to Sierra Leone’s sustained peace and stability.
On his part the Executive Chairman of Petroleum Regulatory Agency (PRA), Brima Baluwa Koroma, commended the visiting team for their continued and sustained bilateral relationship between the two countries. He outlined some of the major gains the Agency had achieved in the last six years which had positioned PRA as one of the most compelling sectors for investment and engine for service delivery.
Brima Baluwa Koroma disclosed that the target national storage facility was around 500,000 metric tons and the monthly consumption rates in Sierra Leone was approximately 40,000 metric tons with growth potential.
The PRA Executive Chairman expressed desire for the establishment of Government strategic stock, an alternative petroleum depot and regional tank farms, adding that prior to this time, the industry was constrained with one jetty and that due to the proactive move by the Agency and other relevant stakeholders within the sector, “we’ve three jetties now”.
The Executive Chairman said the Agency had made tremendous strides for the establishment of additional tank farms in the regions since the current petroleum depot was concentrated in the Kissy Terminal which was a major risk to the industry.
Chairman Baluwa Koroma appealed to the Moroccan’s delegation to help the sector in the construction of additional tanks farms and government strategic storage facilities which would help to extend the current replenishment period from four weeks to twelve weeks and even beyond.
On behalf of the Minister of Foreign Affairs and International Cooperation the Deputy Director General of Policy, Allan Logal, commended the delegation for their kind consideration to tap into some of the available opportunities at various MDAs and to further enhance bilateral cooperation between the countries which would be a win-win approach to both countries.
Mr Logal assured the delegation of Sierra Leone’s fullest cooperation throughout the entire process; echoing the manifold benefits Sierra Leone continues to achieve from the Kingdom of Morocco.