Conex Energy SL Commissions 30,000 Metric Tons Petroleum Storage

By Sahr Ibrahim Komba
Conex Energy SL Limited has commissioned a thirty metric tons of petroleum products storage at its Kissy depot. Conex Energy specializes in the exploration, production, refining and marketing of oil and gas products, as well as the manufacturing the promotion of chemicals
The event took place at the Conex Kissy depot on June 21st 2024.
Speaking at the event, the Executive Director of Petroleum Regulatory Agency, Brima Baluwa Koroma said that they came at a time when the sector was in desperate need of reforms as unresolved challenges continued to impact the sector with weak investor appetite. He furthered that the sector was contested with weak infrastructure; frequent supply disruption and declined government revenue. He mentioned that there is massive improvement in the sector noting that the petroleum revenue has jumped by almost 128% from Le 473bn in 2018 to Le 1.2 trillion in 2023.Petroleum importation grew by 52.00% from 345 thousand metric tons in 2018 to 525 thousand metric tons in 2023.
He continued that there are three operational petroleum jetties in the country and that the Agency prides itself with 14 District monitoring Officers Nationwide and four Regional Officers across the country.
He reiterated the Agency’s commitment in protecting both the petroleum sector and the citizens of Sierra Leone.
He disclosed that the challenges faced by our downstream seem to be disproportionate to it vast potentials adding that they deliberately confronted some of the problems in which the industry is now expanding.
He said that this development is in line with His Excellency’s vision to transform the downstream petroleum sector. He added that the vision to ensure compliance to the petroleum laws and tax commitments in all regulated activities for the grater benefit of all Sierra Leoneans is on a sound footing.
In his statement, the Managing Director of Conex Energy Sierra Leone Ltd, Avrajit Kar said that the commissioning of the 30,000 metric tons of petroleum products storage is a promise fulfilled to the President and the people of Sierra Leone. He said that Conex is committed to providing enough petroleum products to its customers.
He disclosed that each of the two constructed tanks has a capacity of 15,000 metric tons adding that the two-storage capacity will take 15,000 metric tons each of petrol and diesel. He continued that the construction process was successful noting that there were no accident and safety precaution methods were strictly followed.
Joining the conversation, the Minister of Trade and Industry, Alpha Ibrahim Sesay said that the construction of petroleum product storage is a step in the right direction noting that this will promote development in the country. He disclosed the government will continue to provide appropriate and conducive environment for investment to strive in the country and mentioned that the Petroleum sector is one of the most complex sectors to manage. He however noted that the government will always protect investment in the country. He said that the petroleum sector is improving gradually and this has the propensity to create more jobs for citizens and noted that the Petroleum Regulatory Agency to create the enabling environment to support all OMC through infrastructure so that they are able to strive. He said that the national target for petroleum is 500,000 metric tons. ‘The step by Conex shows that we are moving forward in a bid to increase our storage facility,’ he said. He urged Conex to make their product available across the country and called on Oil Marketing Companies (OMCs) to work with PRA and other in the petroleum sector in addressing challenges in the sector. The importance of petroleum product cannot be overemphasized noting that the sector is important in the socio-economic development of any country.