Nigeria and Liberia sign oil deal

Governments commit to contracts for Liberia Petroleum Refinery Company and Nigeria National Petroleum Corporation

By Ben Lobel | Sat Jul 24, 2010

The oil contract is expected to last 12 months

The Liberian authorities have ratified a ’purchase and sale’ agreement with Nigeria through which the Nigeria National Petroleum Corporation (NNPC) is to provide 20,000 barrels of crude oil per day to the Liberia Petroleum Refining Corporation (LPRC).

According to a statement issued by the LPRC, the corporation has also signed a management service contract with Sahara Energy Resources Ltd to oversee the operations, logistics and system of lifting the oil, including the programming, loading, transportation and trading of the crude oil.

During the signing ceremonies, which took place in the Federal Republic of Nigeria, the Liberian government was represented by Justice Minister, Cllr. Christina Tah and LPRC’s Managing Director T. Nelson Williams.

The news conference was attended by members of the LPRC Board, including Samuel P. Jackson and William Smith.

Sahara is a global oil trading company conducting trade in countries around the world, including some countries in West Africa.

The statement said this help will allow the Liberian government to make a profit of about $120,000 per month.

The contract is binding for a year and could be renewed upon negotiation by LPRC and NNPC, the statement concludes.

SOURCES: www.apanews.net, www.africanews.com