Senator Amara M. Konneh has hailed the submission of three major investment agreements by President Joseph Nyuma Boakai, Sr. to the Liberian Senate for immediate ratification, describing the move as a bold and forward-looking step toward revitalizing Liberia’s economy and attracting meaningful foreign investment. “This week, President Boakai submitted three major investment agreements negotiated and signed by the Executive Branch to the Liberian Senate for immediate ratification,” Senator Konneh disclosed.
“These agreements mark significant progress in attracting strategic foreign investment and revitalizing key sectors of our economy.” According to Senator Konneh, the first two submissions comprise eight new Offshore Petroleum Sharing Contracts (PSCs) between the Government of Liberia and two leading global energy companies TotalEnergies EP Liberia B.V. and Atlas Oranto Petroleum Ltd. These PSCs represent Liberia’s first petroleum agreements in over a decade, marking a milestone achievement under the 2024 Direct Negotiation Licensing Round spearheaded by the Ministry of Mines and Energy and the Liberia Petroleum Regulatory Authority (LPRA).
Under these agreements, TotalEnergies has been awarded exploration rights to blocks LB-06, LB-11, LB-17, and LB-29, while Atlas Oranto Petroleum secured blocks LB-15, LB-16, LB-22, and LB-24. These contracts, the Senator said, are expected to usher in renewed investor confidence, technical expertise, and much-needed capital into Liberia’s oil and gas sector a sector that has remained dormant since the last licensing round more than ten years ago. “The submission of these petroleum sharing contracts demonstrates the Boakai administration’s commitment to reviving our extractive industries through transparency, partnership, and fairness,” Senator Konneh emphasized.
“For the first time in years, Liberia is once again on the radar of major global energy investors.” The third agreement, Senator Konneh revealed, involves a $1.8 billion investment by Ivanhoe Atlantic (formerly HPX), signed in July 2025, for the rehabilitation and operation of the Yekepa-to-Buchanan railway corridor. This critical infrastructure project will facilitate the export of iron ore from Guinea through Liberian territory, enhancing regional trade and cross-border cooperation. “Ivanhoe Atlantic will operate the railway until the expiration of the current ArcelorMittal Liberia concession in 2030,” Senator Konneh explained.
“That railway belongs to Liberia not Nimba, Bong, or Grand Bassa alone. It is a national asset, and its proper management is essential for our economic sovereignty and long-term growth.” According to President Boakai’s communication accompanying the agreement, Ivanhoe Atlantic has already paid $37 million in advance to the previous administration under the Congress for Democratic Change (CDC) government. The Senator noted that while the proposed $1.8 billion package presents enormous economic opportunities, it must undergo thorough legislative scrutiny to ensure that Liberia derives maximum benefit. “I strongly support all three agreements,” Senator Konneh stated. “They are fully aligned with President Boakai’s ARREST Agenda for Inclusive Development (AAID), which prioritizes Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism.
These investments are vital to strengthening Liberia’s fiscal base, creating jobs, and increasing local participation particularly for our young people.” Senator Konneh, who currently chairs the Senate Committee on Public Accounts and Audit, further pledged his unwavering support to the relevant committees responsible for reviewing the agreements. Although not a member of the joint committees directly tasked with the review, he assured that he would actively contribute to ensuring a comprehensive legal, economic, fiscal, and policy evaluation of the contracts. “Our responsibility as lawmakers is to act in the best interest of Liberia,” he asserted. “We must review every clause and provision with diligence from the 5% equity stake reserved for Liberian-owned companies under the petroleum sharing contracts, to the governance framework of the Ivanhoe railway agreement. Everything must be transparent, fair, and beneficial to our people.”
Senator Konneh further stressed that the Senate’s review process must focus on key national safeguards, including market access, investor-state dispute resolution, investor protections, anti-corruption mechanisms, and performance benchmarks that directly benefit the country. “These are not just investment deals they are long-term partnerships that will shape Liberia’s economic destiny,” he cautioned. “We must ensure that they advance our national interest, protect our sovereignty, and foster sustainable development for generations to come.”
He concluded by urging all Liberians to view these developments as a sign of renewed hope and seriousness in the management of the country’s natural resources. “The Boakai administration is demonstrating that Liberia is open for business but not at any cost,” Senator Konneh said. “We welcome investors who are ready to respect our laws, empower our people, and contribute to our shared prosperity. The future of Liberia depends on the integrity of our decisions today.”
