Moroccan Delegation Engages with Sierra Leone’s Petroleum Regulatory Agency on Investment Opportunities
On July 25, 2024, a Moroccan economic delegation, led by the Moroccan Embassy in Freetown, met with the management of Sierra Leone’s Petroleum Regulatory Agency (PRA) at the Ministry of Foreign Affairs and International Cooperation (MFAIC). The engagement focused on exploring investment opportunities within the Downstream Petroleum Sector and strengthening bilateral relations between Morocco and Sierra Leone.
Bilateral Engagement and Commitment
Ambassador Isam Taib, accredited to Guinea, led the Moroccan delegation and expressed appreciation for the platform provided by the Ministry of Foreign Affairs for their visit. Ambassador Taib highlighted that the visit followed up on discussions initiated by President Julius Maada Bio with the Kingdom of Morocco in early 2024. These discussions aimed at deepening bilateral ties and exploring investment opportunities across several sectors, including trade, agriculture, education, energy, and mining.
Ambassador Taib emphasized Morocco’s commitment to supporting Sierra Leone’s investment potential and congratulated the country on its recent achievement of a strategic position at the UN Security Council. He noted Morocco’s historical role in supporting Sierra Leone’s peace and stability.
Petroleum Sector Highlights and Investment Appeal
Brima Baluwa Koroma, Executive Chairman of the Petroleum Regulatory Agency (PRA), welcomed the delegation and commended the enduring bilateral relationship between Morocco and Sierra Leone. Koroma outlined the PRA’s achievements over the past six years, which have positioned the agency as a key sector for investment and service delivery.
Koroma highlighted that Sierra Leone’s target national storage facility is approximately 500,000 metric tons, while the country’s monthly petroleum consumption stands at around 40,000 metric tons, with significant growth potential. He outlined several key developments and needs in the sector:
- Expansion of Storage Facilities: The Executive Chairman discussed the need for additional tank farms and a government strategic storage facility. He pointed out that the current infrastructure is concentrated at the Kissy Terminal, which poses a risk to the industry.
- Enhanced Storage Capacity: Koroma emphasized the necessity for constructing more tank farms to extend the replenishment period from the current four weeks to twelve weeks or more. He specifically requested Moroccan support in building these additional storage facilities.
- Infrastructure Development: The PRA has made progress with expanding the number of jetties from one to three, reflecting a proactive approach to addressing industry constraints.
Support and Cooperation
Deputy Director General of Policy at the MFAIC, Allan Logal, speaking on behalf of Honorable Minister Alhaji Timothy Musa Kabba, commended the Moroccan delegation for considering investment opportunities within Sierra Leone’s MDAs. Logal expressed confidence that enhanced bilateral cooperation would be mutually beneficial for both nations.
He assured the delegation of Sierra Leone’s full cooperation throughout the investment process and reiterated the country’s appreciation for Morocco’s support and ongoing partnership.
Conclusion
The engagement between the Moroccan delegation and Sierra Leone’s Petroleum Regulatory Agency underscores a significant step towards strengthening bilateral ties and unlocking new investment opportunities within the Downstream Petroleum Sector. By focusing on expanding storage infrastructure and enhancing trade and investment relations, both countries are poised to benefit from increased economic cooperation and growth.
