The Liberian Senate has unanimously concurred with the House of Representatives in passing an investment incentive bill valued at US$22 million between the Republic of Liberia and Gboni Enterprises Incorporated.
The move has created a significant step for the construction of a modern petroleum storage terminal in the country and boosting the Liberian economy.
Prior to the rectification of the bill on April 21, 2023 by the House of Representatives, its Joint Committee on Investment & Concessions, Judiciary, and Ways, Means, Finance & Development Planning revealed that the construction of the petroleum storage terminal is expected to create approximately 500 direct jobs and 1,500 indirect jobs.
Gboni Enterprises Incorporated is a 100% Liberian-owned oil and gas importation and distribution company with over twelve years of successful operation in Liberia and is set to spearhead the ambitious project.
In plenary on Tuesday, November 28, 2023, the Senate’s Committee on Ways, Means, Finance and Budget, headed by Bomi County Senator Morris G. Saytumah, reported that the deal was properly scrutinized and is in the best interest of the Liberian people.
The committee also emphasized that the deal is not only expected to generate direct and indirect employment opportunities but will also serve as a catalyst for economic growth.
Accordingly, the legislative instrument will make a lasting positive impact on the Liberian economy, contributing to job creation and enhancing long-term energy security.
Following the plenary deliberations on the floor on the instrument, the body took a unanimous vote triggered by Montserrado County Senator and Chair on the Senate Committee on Executive, Saah Hardy Joseph, concurring with the House of Representatives.
Meanwhile, the Senate Pro-Tempore and Grand Kru County Senator, Albert Tugbeh Chie, mandated the Secretary of the Senate, Nanborlor Singbeh, to communicate the decision of that august body to the Executive for further Constitutional consideration by the President of the Republic of Liberia.