By Florence Mugarula.The Citizen Reporter
Dar es Salaam. The Tanzania International Petroleum Reserves Limited (Tiper) is looking forward to investing Sh25.6 billion ($16 million) to double its storage capacity to 300,000 cubic metres from its current operational capacity of 147, 000 m3 in the next five years. The Tiper managing director, Mr Daniel Belair, said the investment follows massive rehabilitation which started several years ago at a cost of Sh22.4 billion ( $14 million).
The company also continues to pay dividends worth Sh10 billion to the shareholders. “At present, with 147,000 cubic metres, the firm has the largest storage capacity in Tanzania and this will be increased to 300,000 by 2015,” said Mr Belair.
According to Mr Belair, the government has also shown interest in storing the national strategic petroleum reserves at Tiper. “Despite the company offering storage facilities for Oil Marketing Companies (OMCs) to store their petroleum products, the government has also shown a keen interest in storing the National Strategic Petroleum Reserves at Tiper,” said Mr Belair.
He added that in the new expansion investment, two tanks with a capacity of 36,600 cubic meters would be added in the first quarter of 2013.
“Work already started in January, this year. At completion of this stage, the total capacity will reach 220,200 cubic metres,” he said.
Like any normal company, Tiper is periodically audited by a reputable international auditing firm. In addition, the Energy and Water Utilities Regulatory Authority (Ewura) has recently examined Tiper to monitor the petroleum business in Tanzania for the period between 2009 and 2011.