Moroccan Delegation Engages PRA on Potential Investment Opportunities

The economic delegation from Morocco led by the Moroccan Embassy in Freetown has on the 25th July,2024 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 Ambassador of His Majesty the King 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 are here on 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 the two 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. They congratulated Sierra Leone on it historic attainment of the strategic position at the UN Security Council. His Majesty further noted 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 outlining some of the major gains the Agency has achieved in the last six years which has positioned Petroleum Regulatory Agency as one of the most compelling sectors for investment and engine for service delivery.

He disclosed that the target national storage facility is  around 500,000 metric tons  and the monthly consumption rates in Sierra Leone is approximately 40,000 metric tons with growth potential. The Executive Chairman expressed desire for the establishment of Government strategic stock, an alternative Petroleum depo and Regional tank farms,  adding that prior to this time, the industry was constrained with one jetty, and 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 has made tremendous strides for the establishment of additional tank farms in the regions since the current petroleum depo is concentrated in the Kissy Terminal and it’s a major risk to the industry.

Chairman Baluwa 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 that.

On behalf of the Honorable Minister of Foreign Affairs and International Cooperation ,Alhaji Timothy Musa Kabba, 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.

He 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.

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