Freetown, 22nd September 2026- The Sierra Leone National Petroleum Company Limited (SLNPC) has formally launched its governance and commercial agenda, holding its inaugural Board meeting to set the foundations for the country’s newest state-owned enterprise in the petroleum sector.
Chaired by Mr. Foday B. L. Mansaray II, the meeting brought together representatives from the Office of the President, the Attorney General and Minister of Justice, the Ministry of Finance, the Ministry of Trade and Industry, and the Petroleum Directorate. The Board reviewed SLNPC’s mandate, governance requirements, and the preparatory steps needed before entering major commercial arrangements.
SLNPC has been established to advance Sierra Leone’s commercial participation in oil and gas. Its remit includes investing in petroleum ventures, trading petroleum products, and developing storage, terminal, and logistics infrastructure. These activities will proceed only under the appropriate licences, approvals, and commercial agreements.
The government sees SLNPC as a vehicle to strengthen national energy security. The company is expected to explore options for strategic petroleum reserves, which could cushion supply disruptions, reduce shortages, and help moderate price volatility. Any pricing interventions would remain subject to Sierra Leone’s legal and policy framework.
A key outcome of the inaugural meeting was the Board’s directive to prepare a five-year corporate strategy and business plan. This blueprint will define SLNPC’s operating model, investment priorities, and risk-management approach, serving as the basis for evaluating future partnerships and projects.
The Board also began drafting governance policies, including terms of reference, committee responsibilities, financial controls, procurement procedures, and conflict-of-interest safeguards. These measures are designed to ensure transparency and accountability as SLNPC transitions into operations.
Petroleum-product supply and trading featured prominently in discussions. The Board tasked management with preparing a trading and risk-management policy, while emphasizing that any trading activity must undergo legal approvals and rigorous risk assessment.
The meeting also considered potential collaboration with an Asset Management Company to secure access to storage facilities, terminals, logistics services, and asset-management expertise. However, the Board stressed that no binding arrangements were contemplated at this stage. Any future agreement would require due diligence, contractual review, and Board approval, with SLNPC retaining strategic control.
By focusing on governance, strategy, and risk oversight, the inaugural meeting underscored SLNPC’s intent to build a disciplined and commercially viable national petroleum company. With its business plan and operating policies now in development, SLNPC is positioning itself to play a central role in Sierra Leone’s energy future.
