By: Abdul Razack Gbla
According to the Media and Public Relations Department, PRA, on July 25, 2024, a high-level Moroccan economic delegation led by the Moroccan Embassy in Freetown engaged with the Petroleum Regulatory Agency (PRA) at the Ministry of Foreign Affairs and International Cooperation (MFAIC). The meeting aimed to explore potential investment opportunities within Sierra Leone’s downstream petroleum sector and to strengthen mutual bilateral ties.
Ambassador Isam Taib, the Ambassador of His Majesty the King accredited to Guinea, praised the Ministry of Foreign Affairs for facilitating this crucial platform. He highlighted the significance of the two-day working visit, which stems from the successful bilateral discussions initiated by President Julius Maada Bio and the Kingdom of Morocco in early 2024. These discussions focused on enhancing bilateral relations and identifying investment opportunities in key sectors such as trade, agriculture, education, energy, and mining.
Ambassador Taib reiterated Morocco’s commitment to exploring and supporting Sierra Leone’s investment potential in these priority sectors. He also congratulated Sierra Leone on its historic achievement of securing a strategic position at the UN Security Council. His Majesty emphasised Morocco’s pivotal role in maintaining Sierra Leone’s peace and stability.
Brima Baluwa Koroma, Executive Chairman of the Petroleum Regulatory Agency, lauded the visiting delegation for the sustained bilateral relationship between the two nations. He outlined the significant progress the PRA has made over the past six years, which has positioned it as a leading sector for investment and service delivery. Koroma detailed the national storage facility’s target of 500,000 metric tons and noted the current monthly consumption rate of approximately 40,000 metric tons, indicating substantial growth potential.
Koroma expressed the agency’s ambition to establish a government strategic stock, an alternative petroleum depot, and regional tank farms. He highlighted that while the industry previously relied on a single jetty, proactive measures by the PRA and other stakeholders have resulted in the construction of three jetties. He also emphasised the need for additional tank farms outside the Kissy Terminal to mitigate risks and expand the replenishment period from four to twelve weeks or more.
Koroma appealed to the Moroccan delegation for assistance in constructing additional tank farms and strategic storage facilities to enhance the sector’s capacity and resilience.
Deputy Director General of Policy, Allan Logal, representing the Honorable Minister of Foreign Affairs and International Cooperation, Alhaji Timothy Musa Kabba, commended the delegation for their interest in Sierra Leone’s opportunities. He emphasized the potential for a win-win approach to bilateral cooperation, assuring the delegation of Sierra Leone’s full support throughout the process. Logal reiterated the manifold benefits Sierra Leone continues to derive from its relationship with the Kingdom of Morocco.
This engagement marks an important step towards deepening the economic ties between Morocco and Sierra Leone, with bright prospects for mutual growth and development.
