MONROVIA – Gbarpolu County Senator Amara Konneh has expressed strong support for three major investment agreements submitted by President Joseph Boakai to the Liberian Senate for immediate ratification, describing the deals as crucial for attracting strategic foreign investment and revitalizing key sectors of the national economy.
According to Senator Konneh, the first two submissions involve eight new offshore petroleum sharing contracts (PSCs) signed under the 2024 Direct Negotiation Licensing Round, Liberia’s first petroleum agreements in over a decade. TotalEnergies EP Liberia B.V. secured blocks LB-06, LB-11, LB-17, and LB-29, while Atlas Oranto Petroleum Ltd. was awarded blocks LB-15, LB-16, LB-22, and LB-24.
The third agreement, valued at $1.8 billion, was signed in July 2025 with Ivanhoe Atlantic (formerly HPX) for the rehabilitation and operation of the Yekepa to Buchanan railway, which will be used for iron ore exports from Guinea until the ArcelorMittal Liberia concession expires in 2030. Senator Konneh emphasized that the railway belongs to Liberia and not to Nimba, Bong, or Bassa counties. The President’s letter indicated that Ivanhoe Atlantic has already paid $37 million in advance to the previous administration.
Senator Konneh highlighted the importance of scrutinizing the proposed $1.8 billion investment package to ensure it benefits Liberia. He noted that these agreements align with President Boakai’s ARREST Agenda for Inclusive Development (AAID) and are expected to strengthen the country’s fiscal base, boost local participation, and create meaningful employment opportunities for Liberian youth.
Although not part of the Senate committees reviewing the agreements, Senator Konneh said he will actively support their efforts to ensure comprehensive legal, economic, fiscal, and policy evaluation. He stressed that key areas of focus should include the 5% equity stake allocated to Liberian-owned companies under the PSCs, protection of national interests, market access, investor-state dispute resolution, anti-corruption measures, and performance requirements that deliver tangible benefits to Liberia.
“We must do everything to safeguard Liberia’s interests,” Senator Konneh said, reiterating his support for the investment agreements as critical tools for economic growth and development.
The submissions are now under review by the relevant Senate committees, which will conduct detailed assessments before recommending ratification.
