The Executive Chairman of the Petroleum Regulatory Agency, Brima Baluwa Koroma, welcomed officials from the United States Embassy in Freetown to his Tower Hill Office on Monday, March 21, 2022. The courtesy visit, led by Frisco McDonald, Counselor for Commercial and Economic Affairs, and Karmoh Allieu Lahai, Economic Assistant, aimed to gain insights into Sierra Leone's downstream petroleum sector and identify potential areas of intervention amid the global fuel crisis.
Chairman Baluwa Koroma expressed gratitude to the Embassy and the Government of the United States for their interest in the sector, emphasizing the strong bilateral relationship between Sierra Leone and the United States. Despite Sierra Leone's status as a net-importing country and the government's limited participation in the petroleum value chain, Chairman Baluwa Koroma highlighted the country's ability to ensure product availability amidst global challenges.
He outlined ongoing efforts to enhance the sector, including major refurbishments and plans to open the market to more players, including government participation. Chairman Baluwa Koroma emphasized the agency's role in boosting government revenue and sought intervention to address foreign currency challenges faced by oil marketing companies.
Frisco McDonald acknowledged Sierra Leone's potential to attract foreign direct investment, particularly in the petroleum downstream sector. He emphasized the importance of collaboration and assured continuous engagement to explore opportunities for mutual benefit.
The meeting concluded with a commitment to further collaboration and exploration of investment opportunities in Sierra Leone's petroleum sector.
