House ratifies US$22M Gboni Incentive Agreement

The House of Representatives has ratified an Investment Incentive Agreement between the Republic of Liberia and Gboni Enterprises Incorporated.

Plenary decision followed a report from the House's Joint Committee on Investment & Concessions, Judiciary and Ways, Means, Finance & Development Planning on the “Investment Incentive Agreement between the Republic of Liberia and Gboni Enterprises Inc”.

According to the House Press and Public Affairs, the Agreement was signed on April 21, 2023, by the Parties for the construction of a 25,000 MT ultra-modern petroleum storage terminal. The construction of this terminal will help alleviate the looming shortage of petroleum products in Liberia.

The joint committee says in its report that investment will also create approximately 500 direct jobs and 1,500 indirect jobs, as well as boost the Country economic growth.

The total cost of the investment is valued at Twenty-Two Million United States Dollars (USD 22,000,000.00).

The joint committee further indicated that Gboni Enterprise is a 100% Liberian owned oil and gas importation and distribution company that has been successfully operating in Liberia for over twelve (12) years.

The Agreement seeks to have significant positive impact on the Liberian economy by creating jobs and helping to ensure the long term security of energy supply.

Following the reading of the report, Margibi County Electoral District 5 Representative Clarence Gahr proffered a motion for the body’s endorsement there ratifying and forwarding the instrument to the Liberian Senate for concurrence.