An economic delegation from Morocco, spearheaded by the Moroccan Embassy in Freetown, has engaged with the Petroleum Regulatory Agency (PRA) at the Ministry of Foreign Affairs and International Cooperation (MFAIC) to explore investment opportunities in Sierra Leone’s downstream petroleum sector.
The meeting also aimed to strengthen bilateral relations between the two nations.
Ambassador Isam Taib, accredited to Guinea, praised the Ministry of Foreign Affairs for facilitating the platform that allowed the Moroccan delegation to discuss significant bilateral issues with various ministries, departments, and agencies (MDAs) in Sierra Leone.
“We are here on a two-day working visit, following the fruitful bilateral talks initiated by President Julius Maada Bio with the Kingdom of Morocco in early 2024. These talks focused on enhancing our bilateral ties and exploring investment opportunities in trade, agriculture, education, energy, and mining,” said Ambassador Taib.
The Kingdom of Morocco, committed to supporting Sierra Leone’s vast investment opportunities, congratulated the country on its historic achievement of securing a strategic position at the UN Security Council.
Ambassador Taib highlighted Morocco’s role in supporting Sierra Leone’s sustained peace and stability.
Brima Baluwa Koroma, Executive Chairman of the Petroleum Regulatory Agency (PRA), commended the Moroccan delegation for the ongoing bilateral relationship between the two countries.
He outlined the significant progress made by the PRA over the past six years, which has positioned the agency as a compelling sector for investment and service delivery.
“Our national storage facility target is around 500,000 metric tons, with a monthly consumption rate of approximately 40,000 metric tons and potential for growth. We aim to establish government strategic stock, an alternative petroleum depot, and regional tank farms,” Koroma stated.
He noted the industry’s progress, expanding from one jetty to three, thanks to proactive efforts by the agency and relevant stakeholders.
Koroma appealed to the Moroccan delegation for assistance in constructing additional tank farms and government strategic storage facilities to extend the current replenishment period from four weeks to twelve weeks or beyond.
Deputy Director General of Policy, Allan Logal, representing the Honorable Minister of Foreign Affairs and International Cooperation, Alhaji Timothy Musa Kabba, expressed appreciation for the Moroccan delegation’s interest in exploring opportunities within various MDAs.
He emphasized the potential for enhanced bilateral cooperation, benefiting both nations.
Logal assured the delegation of Sierra Leone’s full cooperation throughout the process, highlighting the numerous benefits Sierra Leone continues to gain from its partnership with the Kingdom of Morocco.
