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LPRC ANNUAL REPORT 2012LPRC ANNUAL REPORT 2012

1

LIBERIA PETROLEUMREFINING COMPANY

L RP C

HOME OF THE OILERS

24


HER EXCELLENCY, MADAM ELLEN JOHNSON SIRLEAFPRESIDENT OF LIBERIA

2 23

COMPANY'S ADDRESS & CONTACT INFORMATION

NAME: Liberia Petroleum Refining CompanyADDRESS: Product Storage Terminal (PST)

P. O. Box 10-0090Clara Town, Bushrod IslandMonrovia, Liberia

TELEPHONE: +231-0777-859-002

E-MAIL:WEBSITE: www.lprclib.com

LPRC BOARD CHAIRMAN Dr. Herman Browne

TELEPHONE: +231-886-912-417

EMAIL:

MANAGING DIRECTOR: Hon. T. Nelson Williams, II

TELEPHONE: +231-886-564-967

E-MAIL:

DEPUTY MANAGING

DIRECTOR FOR ADM: Hon. Jackson F. Doe, Jr.

TELEPHONE: +231-886-129-735

E-MAIL:

DEPUTY MANAGING

DIRECTOR FOR OPERATIONS: Hon. Aaron J. Wheagar

TELEPHONE: +231-886-515-793

EMAIL:

OILERS SPORTS ASSOCIATION

TELEPHONE: +231-886-422-553

EMAIL:

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

PERFORMANCE

DATA

Petroleum

Products by

Distributors –

Year 2012

Storage & Handling

Information of Company

Performance Year 2012

Financial

Information of

Company

Performance over a

4-Year Period (2009

DISTRIBUTOR

PMS

AGO

KERO

JET-A1

DUCOR PETROLEUM, INC.

1,655,000

4,748,500

DONKAN, INC.

888,000

745,000

GEPCO

2,814,000

2,652,000

6,500

INTERNATIONAL PETROL

437,500

150,500

MONROVIA PETROLEUM

2,534,000

340,000

PETROL-1

3,867,075

2,439,000

SRIMEX

339,000

500

TOTAL-LIB

9,207,000

21,793,174

3,164,663

UNITED PETROLEUM

4,258,000

4,548,500

5,500

LOMSEB

76,000

CAPE PETRO

549,500

49,000

MOTC

10,500

38,500

JUICE

2,341,085

112,000

MAKELLED

307,000

1,000

CONEX

1,170,000

717,500

2,000

LIB-AFRIC

710,000

325,000

PRUDENT

732,500

26,500

MAYOUBAH

568,500

64,500

LIB-OIL, INC.

3,019,500

46,500

GBONI

1,387,500

43,500

MODERN

330,000

142,000

SUNRIX

390,000

23,000

NEUIM

761,000

811,500

-2012)

STORAGE & HANDLING

PRODUCT

2012

2011

AGO

10490151

8779977

PMS

7901183

8251889

JET

1474478

1148794

Millions

2009

2010

2011

2012

Revenue 12368227 16608775 18310784 21252764

Total Liabilities 2272351 2895324 1952521 1952521

Total Assets 16246761 19059325 24508753 24508753

Net Cash Flow 11095760.2 9207717 11993833 12042016


22 3

DIRECTION STATEMENT

Mission

Vision

Core Values

To ensure the availability of quality and environmentally safe petroleum and petroleum products on the Liberian market in support of the industrialization and socio-economic development of the country.

To provide a secure, stable and developing Liberia with a consistent supply of valued, affordable and environmentally safe petroleum products and related services.

Dedication to CustomersHigh Ethical StandardsEmployee Personal GrowthTeamworkCorporate Social ResponsibilityGrowth and Profitability

L RP CLIBERIA PETROLEUMREFINING COMPANY


4 21

CONTENTS

LPRC Overview

Board of Directors Management Team Our Mission, Vision, Core Values

Managing Director's Statement Our Strategy - LPRC 5-Year Strategic Plan Our Strategy - LPRC Rebranding Program Our Strategy – LPRC Petroleum Importation Policy

LPRC Business

Our Business Downstream Activities Technology Risk Management Health, Safety and Environment Corporate Social Responsibilities Preventive Maintenance

Preventive Maintenance

Given the damaged and obsolete state of LPRC's existing plant facilities, maintenance becomes paramount,

and the Company is implementing a hands-on approach that accentuates preventive maintenance over

curative maintenance. A study is ongoing for the establishment of a sustainable preventive maintenance

program to include a business continuity planning and disaster recovery.

Tour of Motherwell Bridge Construction Work

Maintenance Work at PST Facility The Jetty Walkway, Renovated during 2012

Condition of LPRC Tanks in 2012

Condition of the Jetty Walkway before Rehabilitation


520

MD Williams Celebrates at a CSR Program

DMD Administration, J.F. Doe, at a Soccer Tournament

DMD Operation A. Wheagar, representing LPRC

Corporate Social Responsibility (CSR)

Liberia, like all third-world countries, is confronted with a vicious

circle of poverty created by the lack of education, good

healthcare and an unreliable source of income for livelihood. This

situation deprives many communities of the vital elements that

every individual needs to live and develop harmoniously.

To combat these socio-economic ills, the Management of the

Liberia Petroleum Refining Company, with approval of its Board

of Directors, decided to complement the efforts of the national

government to expand its social investment and demonstrate its

long-term commitment to sustainable national development by

providing communities with life-changing aid that enables them

to build plans for the future, both collectively and individually.

During 2012, the Company's CSR Program supported projects

that focused on four (4) core areas: Education, Health,

Agriculture, and Community Development. LPRC also accepted

responsibility for the impact of its activities on the environment,

consumers, employees, communities, stakeholders, and the

general public.

MD Williams Visits a Youth-Sponsored Program at the YMCA

The LPRC Oilers – Liberia’s Double Basketball Champion (2011/2012) of Liberia Basketball Association

BOARD OF DIRECTORS

Scenes from Annual Board Retreat

Dr. Herman Browne, Chairman

Dr. Henrique Tokpa Atty. Tupee Enid Taylor

Rev. Emmanuel BowierMr. George Kpawulu

Mrs.Ophelia Freeman Johnson Mr. Manyu M. Kamara

Ms. Nohn Rebecca Kidau


6 19

Technology

We believe that our development

and application of technology

represents a distinctive capability

that is central to our reputation

and competitive advantage. The

M a n a g e m e n t I n f o r m a t i o n

Systems (MIS) Department

c o n t i n u e s t o i m p l e m e n t

t e c h n o l o g y t h a t p r o v i d e s

meaningful contribution to the

Company's development.

The most recent is the Enterprise

Resource Planning (ERP) Program,

which provides customized

applications that apply uniquely to

work tasks and processes of the

various departments and sections.

Among the first to be introduced

was the customized payroll that

integrates with data from our

b i o m e t r i c t i m e r e p o r t i n g

application to provide real-time

information for the Human

Resource Section.

Biometric Time Reporting Device

In addition, LPRC is visible on the

Internet through its newly designed

website, www.lprclib.com.

Risk Management

Risk management is a serious operation at LPRC that involves

the full participation of all departments and sections in

exercises aimed at reducing and mitigating risky activities and

movements of petroleum products on Company premises. The

Management is cognizant of its time-critical assets, such as the

jetty and pipelines, the storage tank farm, the product

distribution terminals, the power generators, and its essential

employees. Therefore, special guards of the Security &

Compliance Unit have been empowered to continuously man

and monitor LPRC's time-critical assets and operations on a

24/7 basis. Perimeter deterrence includes barbed-wire high

walls and closed-circuit television (CCTV).

Health, Safety and Environment Section

Safety is good business. Everything we do relies upon the safety

of our workforce and of the communities around us. We care

about the safe management of the environment and our

country as a whole. We are committed to safely managing and

delivering petroleum products throughout Liberia.

Our newly established Health and Safety Environment Section

is now fully functional and maintains high safety standards

while containing incidents and establishing standards of

operations to mitigate unsafe activities on Company grounds.

Staff are constantly involved in all tanks operations to reduce

risky activities in conjunction with the Operations Department,

and underwent training in Petroleum Depot Management

during the year under review. They also are member of the

EPA's Environmental Protection Team that is constantly

updated of environmental activities around the country.

Secured LPRC Facility

THE MANAGEMENT TEAM

From left to right,

Bobby Brown, Director, Maintenance

Cornelius Miamem,Director, Administration

Jackson Fiah Doe,Deputy Managing Director,Administration

Elizabeth M. Tubman,Comptroller

William Sharpe,Director, LPRM

Nyongblee Karnga-Lawrence,Manager, Public Relations

Aaron J. Wheagar,Deputy Managing Director,Operations

Momolu J. Dukuly,Director, MIS

T. Nelson Williams, Managing Director

Veronica King,Manager, Executive

J. Gblehbo Brown,Director, Project Office

Charles Sherman II,Director, Operations

Joseph B. Dennis,Director, Technical Services, (Absent)


18 7

Rehab & Expansion Project Board Meeting

Distribution

LPRC has encouraged Liberian and foreign investors to invest in the

importation of petroleum products – Premium Motor Spirit (PMS)

and Automotive Gas Oil (AGO) – as a means of creating a middle-

class society. Presently, there are nine registered importers who

ensure that adequate petroleum products are on the Liberian

market. They are: West Oil, Total-Liberia Ltd., Aminata & Sons,

National Petroleum, Srimex Enterprise, Conex Petroleum, Petro

Trade, Lib-Afric, and Monrovia Oil Trading Corporation (MOTC).

These are our partners, and their cooperation with LPRC for

efficient product delivery has been outstanding over the years.

Twenty-two Liberian-owned companies are registered with LPRC

for distributing petroleum products. They are key partners who

play an important role in ensuring that sufficient products are sold

to retailers who truck products across the country.

Retailing

The retail segment of our operations is essential in the safe delivery

of commodities to the end-users. To ensure that products are

efficiently supplied to our direct consumers and that stations are in

line with our standards for retail facilities, our retail partners are

constructing modern service facilities across the country.

A Modern Petroleum Distribution Station

Tank Construction

Fence Construction

Tank Construction

Jetty Walkway Construction

LPRC Petroleum Distribution Facility


8 17

This segment comprises three main

businesses: importation, distribution

and retailing. This sector performs

numerous functions through the Oil

Movement & Supply Section. It is also

responsible for discharging vessels and

ensuring that products are safely stored

and appropriately handled. Despite the

deteriorating conditions of storage

tanks at the Product Storage Terminal

(PST) at the Bushrod Island site, LPRC

staff have proven their effectiveness in

reducing spillage and losses.

I

In 2012, approximately 305,622 metric tons of mixed

products (PMS, AGO, and JET-A1) were imported, with a

total breakdown of 121,192 MT, 145,693 MT, and 16,898

MT, respectively. Compared with 2011, when 286,045

metric tons were imported, this shows an upward increase of

0.75% in 2012.

mportation

DMD Operations, A. Wheagar, on Inspection Tour

Petroleum Products (AGO) Importation by LPRC’s Importers in 2012

19,374.33

17,870.78

15,427.35

6,768.33

36,795.45

1,474.64

6,688.73

3,082.89 13,709.74

PMS (MT)

WEST OIL

AMINATA & SONS

SRIMEX ENTERPRISE

MOTC

TOTAL-LIBERIA

LIB-AFRIC

CONEX PETROLEUM

NATIONAL PETROLEUM

PETRO TRADE

Petroleum Products (AGO) Importation byLPRC’s Importers in 2012

17,443 14,082

3,280

10,942

102,792

1,020 3,492 5,970

7,631

AGO (MT) - 2012

WEST OIL

AMINATA & SONS

SRIMEX ENTERPRISE

MOTC

TOTAL-LIBERIA

LIB-AFRIC

CONEX PETROLEUM

NATIONAL PETROLEUM

PETRO TRADE

Our Performance

Total annual importation of petroleum

products (MT) over 4 years

Importation of petroleum products in

2012

0

20

40

60

80

100

120

140

160

180

PMS AGO JET A-1

2012

2011

2010

2009

PMS 40%

AGO 54%

JET A-1

6%

MT

DOWNSTREAM ACTIVITIES

Inside this Report is information of the progress made by the Liberia Petroleum Refining Company (LPRC) in 2012. This constitutes the Annual Report, covering the period from January 1, 2012, to December 31, 2012.

The document also contains the Managing Director's Message, outlining the status and direction of the Company for the new year (pages 9-11).

The 5-Year Strategic Plan for the development of LPRC, the Rebranding Program and the New Importation Policy provide useful insight and significance for the future of LPRC (pages 13-15).

The Business Review of 2012 covers all financial activities of the Company, with graphic representation of performances (page 16).

The Downstream Operations of 2012 cover importation, distribution and retailing of petroleum products within the Liberian markets (pages 17-18).

Other significant areas of our operations, such as technology, health, safety and our corporate social responsibilities to our stakeholders are covered in this report (pages 19-21).

We trust that this report answers the basic questions you may have had before this journey into LPRC's 2012 accomplishments.


MANAGING DIRECTOR'S MESSAGE

2012 was a year of readjustment,

rebranding, consol idat ion and

infrastructure development. We laid

strong foundations, restructured our

activities, planned our 5-Year Strategic

Plan, and ushered in our new Petroleum

Importation Policy.

I am pleased that LPRC has again

achieved its important milestones for

the year. 2012 was truly a year of

r e b r a n d i n g , r e s t r u c t u r i n g ,

consolidation, and infrastructural

development.

The foundation was set for the successful launching of our 5-Year Strategic Plan, which focuses on

developmental projects, staff capacity building, performance optimization, company decentralization,

project management, and profit increment.

I am proud that, despite the difficult business environment and structural decline in our facilities, we again

achieved all financial targets for the year.

Financial Management

Motherwell Bridge Project Inspection ISPS Port Facility Compliancy Project Inspection

T. Nelson Williams II, Managing Director

Senior Management Regular Inspection Tour

9

OUR BUSINESS

Financial Review

Revenue

The financial activities of LPRC include, but are not limited to, banking,

revenue generation from petroleum products storage and handling

services, facility etc. Storage and handling is the main stream from which

90% of revenues is generated. The Finance Department, headed by the

Comptroller, prepares and reports financial statements to the Board of

Directors.

Storage and handling revenue amounted to $21.5 million in 2012,

compared to $18.5 million in 2011, indicating an 11% increase and also

indicating that management improved on its storage and handling

methods. Other revenues or fees collected in 2012 increased to $1.7

million against $890,059 in 2011. Collections for fees exceeded 2011 by

0.30%, an indication of improvement in the current year. Losses for fiscal

year 2012 decreased by 5.5% against 2011 – at $360,036, down from

$759,935 the previous year. The decrease in losses inevitably contributed

to the overall revenue increase in 2012, with Net Revenue showing a

0.14% increase against that of 2011.

Revenue growth will also be expected due to increasing demands of the

general economy, stemming from the operations of ArcelorMittal and

other major investors. This has contributed to increased demand for PMS

and AGO products. Demand for JET A-1 fuel is steadily increasing due to

the operations, in Liberia, of two additional international carriers, Air

France and British Airways. However, revenue is being projected,

conservatively, to rise to US$23.9 million in 2013, an 11% increase over the

year in review, due to ullage (capacity) limitations and the expected

rehabilitation work to be carried out by Motherwell Bridge Limited.

Revenue Growth (2009 -

2012)

0

5

10

15

20

25

2009

2010

2011

2012

Mill

ion

s

Revenue

Four-Year Comparison

Revenue

Our Performance

Four- Year Financial Analysis

0

5

10

15

20

25

30

35

Mill

ion

s

Revenue

Net Income

Net Cash Flow

Total Liabilities

Total Assets

Four- Year Net Cash Flow of LPRC

0

2

4

6

8

10

12

14

2009 2010 2011 2012

Mill

ion

s

Net Cash Flow

Total Liabilities Four-Year Comparison

0

0.5

1

1.5

2

2.5

3

3.5

2009 2010 2011 2012

Mill

ion

s

Total Liabilities

16


1. We had a solid year commercially, with a net income of $8.3 million which exceeded the budgeted net income by $1.90 million, or 30%, and was more than 2011 (net income) by $1.70 million, or 26%. Gross Revenue increased to $21.5 million, 11% higher than the budgeted amount of $19.4 million, and $900,000 or 5.0% more than Gross Revenue for 2011.

2. We made corporate contributions to the National Budget through annual dividend payments. A total of $1,750,000 was paid in dividends, while total income tax payment for this year amounted to $2,713,006.

3. LPRC effectively controlled its Operating Budget during 2012 fiscal year. Operating Expenses were under-budgeted by $493,000 or 4.0%. Budgeted Expenses were $13,690,917, out of which $13,197,788 was spent, leaving a favorable spending variance of $493,000.

4. Overall, LPRC continued to experience volumetric increase in the importation of petroleum products. A 12% decline in PMS (gasoline) imports was offset by sharp increases of AGO (diesel) and Jet Fuel importation. This resulted in an overall increase in volumetric importation to 99,329,059 gallons in 2012, up from 90,777,300 gallons in 2011. Thus, we experienced an overall 4% increase over budget – an 11% increase in importation over 2011.

Other Developments

During the period under review, the following were accomplished:1. Motherwell Bridge Limited (MBL) and its sub-contractor (West

Construction) erected the first petroleum tank as part of the first phase of the rehabilitation and expansion project at the LPRC Product Storage Terminal. MBL also completed the new petroleum laboratory and the foundations for tanks 3 and 4.

2. LPRC created and approved its Petroleum Importation Policy, which took effect on January 1, 2013.

3. Senior Management and the Board of Directors crafted and began the successful implementation of a 5-Year Strategic Plan that will revolutionize and modernize the downstream oil and gas sector in Liberia.

4. The Company implemented a successful rebranding exercise which highlighted the new logo, vision, mission and core values.

5. LPRC's Technical Team installed a new jetty walkway from the Product Storage Terminal to the Dolphin. The team also installed replacement pipelines on the jetty extending to the 90-degree outpost.

6. LPRC approved the construction of four (4) new filling stations for National Petroleum (Liberia) Limited. All four stations were completed and dedicated in April 2012 by Her Excellency President Ellen Johnson Sirleaf and His Excellency Dr. Ernest Bai Koroma, President of the Republic of Sierra Leone.

Images of the Motherwell Bridge Rehab Project

Year in Review

Ø Motherwell Bridge Rehabilitation Contract continued with new tanks and laboratory construction.

Ø Installed and commissioned two 14,000-gallon fuel tanks for the Jackson F. Doe Memorial Hospital.

Ø Replaced corroded pipes of the Total Tank Farm and the Jetty Walkway.

Ø Began the implementation of LPRC Strategic Development Plan (2012-2017).

o Introduced the new LPRC Corporate Petroleum Importation Policy.

o Established the Policy, Project and Planning Unit.

o Established the Corporate Legal Unit.

o Completed ISPS compliancy requirements, which now puts LPRC at Level I.

Our Strategy

PETROLEUM IMPORTATION POLICY

An Act of the Legislature dated July 31, 1989, granted to the Liberia Petroleum Refining Company (LPRC)

exclusive rights for the importation, sale and distribution of petroleum and petroleum products within the

Republic of Liberia.

Section 1 of the Act states that “The importation of all petroleum products for the Liberian domestic market,

for internal use within the Republic of Liberia, and/or for transaction through the commerce of Liberia, shall

be the sole and exclusive right of LPRC, and that NO entity, individual, concessionaires, public or private

corporation nor any governmental entity, foreign or otherwise, shall import petroleum products into the

territorial confines of the Republic of Liberia, except with the written consent of the Liberia Petroleum

Refining Company duly approved by the President of Liberia.”

This Importation Policy is issued pursuant to LPRC's authority to promulgate regulations for the effective

implementation of the Act. The Company has two objectives for developing this new Policy. Firstly, it

introduces new measures governing the importation of petroleum and petroleum-related products into

Liberia. Secondly, it provides a single comprehensive reference document for any individual or company

desiring to import petroleum and petroleum-related products in Liberia.

The Policy seeks to balance several important factors: fair competition, Liberianization, maximum

performance, improved customer service, and effective product movement and supply. This Policy is also

used to monitor and evaluate the performance of existing importers in relation to the renewal of annual

licenses.

The Petroleum Importation Policy is available on the LPRC corporate website at www.lprclib.com

10 15


On Friday, November 16, 2012, the Management of LPRC launched its Rebranding and Honoring Program at

its local office at the Freeport of Monrovia on Bushrod Island.

The program was intended as a promise to all clients, shareholders and partners that LPRC is undertaking a

new strategic direction which is expressed in the new brand. The Company's mission and values were crafted

after a rigorous study of LPRC's unique role and status within Liberia's economic, social and national security.

The occasion was attended by dignitaries of the Government of Liberia, the National Legislature, members of

LPRC Board of Directors, importers, distributors, representatives of the LPRC Truckers' Union and other well-

wishers.

Honorable Cletus Segbe Wotorson, LPRC's first Managing Director (1978-1980), was honored at the program

for his far-sightedness and dedication to Liberia's development.

The LPRC LogoNew

Past and present Managing Directors of

LPRC, and their terms of service, are listed

below. All were remembered during the

ceremony:

Cletus S. Wotorson (1978-1980)

A. Johnson-Francis (1980-1986)

Philip Davis (1986-1988)

Perry Zulu (1988-1990)

Joseph N. Boakai (1990-1992)

Peter Neah (1992-1994)

Cyril Allen (1994-1997)

Lewis G. Brown, II (1997-1999)

Belle V. Dunbar (1999-2003)

Edwin M. Snowe, Jr. (2003-2006)

Harry A. Greaves, Jr. (2006-2009)

T. Nelson Williams, II (2010-present)

stMD honors Senator Cletus S. Wotorson as 1 Managing Director of LPRC during Rebranding Program

Dignitaries at the Rebranding Event

14 11

7. LPRC's Technical Directory supervised Green Coast Construction in the fabrication and installation of two (2) fuel tanks at the Jackson F. Doe Memorial Hospital in Tappita, Nimba County. Each tank has the capacity of 7,000 gallons.

Community Outreach & Corporate Social Responsibility

In line with our Corporate Social Responsibility Program, LPRC have extended a helping hand to low-income

families and devastated communities. We provided building materials and supplies to schools around the

country. Hospitals and clinics also benefited through special donations and construction work.

Over 1,000 students across the country are beneficiaries of the LPRC Scholarship Fund: 957 are junior and

senior high students; 114 are in college.

The Company's charitable program supports projects in education, health, community development and

agriculture.

Looking Ahead

Our role will continue to be to provide essential

services that will improve and expand the

downstream petroleum sector in our country.

However, our business continues to face great

challenges. As a State-Owned Enterprise (SOE),

LPRC profit returns are reinvested in the business

for the benefit of our customers and the country.

Over the coming year, we will move into the

expansion phase of the Product Storage Terminal

Rehabilitation and Expansion Project, which

involves growing our business so that we remain

viable and can continue to fulfill our national

obligation.

Backed by our excellent track record and strong financial position, we believe that LPRC is well-positioned to

tap into the tremendous potential in expanding its business in 2013 and beyond.

We look forward to the continued support of our stakeholders as we strive to achieve our mission of

supporting the industrialization and socio-economic development of Liberia by producing, refining, storing,

supplying and distributing petroleum and petroleum products in a safe environment.

T. Nelson Williams, IIMANAGING DIRECTOR & SECRETARY, BOARD OF DIRECTORSCHIEF PATRON, OILERS SPORTS ASSOCIATION (OSA)MARCH 15, 2013

A Safe and Engaged Workforce

I am very proud that this year we have improved our employee engagement levels, with the training and

development of over 57 employees.

Safety remains a priority, and we continue to invest in programs to raise awareness and change behavior.

We were successful in lowering the number of workplace incidents.

The quality of life of our employees has improved tremendously through educational programs, salary

increases, annual bonuses, and a loan program established through LBDI which is currently benefitting 217

employees.

Rehab & Expansion Board Meeting

Our StrategyLPRC REBRANDING PROGRAM


we also target experienced and skilled professionals in the external market, and continue to increase our

intake of graduates to create a strong internal talent pipeline for the future.

We encouraged and budgeted for a range of professional development programs and training to build

capabilities, and are committed to creating an inclusive work environment where everyone is treated fairly,

with dignity, respect and without discrimination.

LPRC has 285 employees – a 2% increase over 2011. There was increment in salaries and benefits, as

approved by the Board of Directors, with 95 promotions, salary adjustments, the hiring of 40 new employees

in August, and 9 contractors for CCTV operations. In addition, we are endeavoring to address a critical issue

facing everyone in our industry: a growing skills gap. This, along with the increasing demand for energy

products and the complexity of projects, means that attracting and retaining skilled and talented people is

vital.

Therefore, this necessitated an increment in the Training budget for the new Placement & Enrichment

Program (PEP), which is intended to train future leaders of the Company.

Our Strategy

LPRC's 5-YEAR STRATEGIC PLAN (2012-2017)

The Company's 5-Year Strategic Plan

(2012-2017) outlines the visioning

and plan for the future of LPRC. Its

overall goal is to contribute to

Liberia's Agenda for Transformation

with an output to provide support to

the Government's Medium-Term

Economic Growth and Development

Strategy.

Its basic objective is to restore LPRC's

pre-war capacity to meet its statutory

mandate, increase revenue, and

reposition and strengthen the

Company's image in Liberia's

developing oil industry. Furthermore, it will ensure our role as a voting member of the African Refiners

Association (ARA).

This Strategic Plan also establishes a research, policy, project, and planning unit; improves LPRC's work

environment for staff efficiency, productivity, motivation, and safety; and expands and improves the physical

workspace and environment, and rationalizes the organizational structure, workforce, and the incentive

regime.

In the area of importation and refining, the Plan ensures the commencement of direct importation over the

short term, and the refining of crude oil in the long term for increased revenue throughout Liberia. The

rehabilitation of current plant facilities of the jetty lines and storage tanks and the construction of additional

tanks also form part of this Plan.

Additionally, the Plan ensures that LPRC prepares a sustained program of preventive maintenance of the

plant facilities with the adoption of a Business Continuity Plan (BCP) in case of natural or man-made disaster.

The establishment of a marketing and commercial service to include distribution and possible retailing

markets for petroleum products forms part of this Plan as well.

1312

OUR ORGANIZATION

Our Board

Our Executive Management Team

The Board of Directors is responsible for the direction, oversight

and sound financial and administrative policy of LPRC of behalf of

its stakeholder, namely, the Government and people of Liberia. It

comprises a Chairman and eight Directors, together with the

Managing Director who serves as Secretary.

The Executive Management Team (EMT) is comprised of Senior

Directors appointed by the President of Liberia and other

Directors. The EMT has responsibility for the day-to-day running

of LPRC. This is ensured by a weekly management meeting where

the activities of the various departments are discussed and

prioritized through project implementation.

Our Employees

The future of LPRC is built on the excellence and diversity of its

employees. This is why the Management Team is tasked with

creating the right environment that will attract and retain the

right caliber of people needed to ensure the continued success of

the Company.

Our leadership has focused on ensuring that appropriate

development opportunities and succession plans are in place to

build capability. To supplement our existing internal capability,

The Executive Management Team

LPRC Staff

Officers of LPRC's Security Unit

Detail Security Unit of Senior Mgmt

Product Delivery Team

The Drivers Unit

Loss Prevention & Risk Management Team

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