Finance Minister, Samuel Tweah, has described ArcelorMittal’s US$800 million agreement as a good deal that will help transform Liberia’s energy sector.
Minister Tweah said the pact is a significant improvement to an existing contract that will enable AML to contribute to the cost of energy.
Minister Tweah told state radio, ELBC, that Mittal and other concessions have agreed to use the CSLG power supply, which will make substantial contribution to the cost of electricity.
Annually, Liberia is expected to pay about US$48 million to utilize 60 megawatts of CSLG power supply for stable electricity in Monrovia.
It is crucial, according to him, for the National Legislature to pass the agreement so that ArcelorMittal can expand its mining operation and help government shoulder energy cost.
He warned that, for the next 9 years, no other company will be able to use the Buchanan-Yekepa railway if the Legislature fails to pass the Arcelormittal MDA before it. He argued that the agreement was well negotiated by some of the best experts in the sector.
Minister Tweah said the government’s agreement with AML calls for multi-user arrangement, as opposed to the ongoing MDA which did not anticipate multiuser possibility.