The Liberia Petroleum Refining Company (LPRC) is a public entity, wholly owned by the Government of Liberia (GOL), with the mandate to procure and supply quality petroleum and petroleum products to the Liberian market. The LPRC is certainly a business entity engaged in profit making activities. It has every power which a corporation now or hereafter organized under the Liberian Business Corporation Act may have. The idea of creating an oil company in Liberia was conceived when it became clear that the government was spending an enormous amount of its foreign earnings on the importation of petroleum and petroleum products into the country. Therefore in 1956, construction work began for oil refining facilities under the auspices of the Liberia Refining Company (LRC). Two American Firms, Sun-Oil Company and Dynelectron Corporation were in control of the financial and operational aspects of the company. The Government of Liberia provided the managerial staff with Hon. Cletus Wotorson as its first Managing Director. In the mid 1970�s, the facilities of the LPRC were gutted by fire and the American firms pulled out. Thus, on August 31, 1978, following the purchase by the Liberian Government of the assets of the then Liberia Refining Company (LRC), the company was changed to the Liberia Petroleum Refining Company (LPRC). On November, 16, 2012, The management with the approval from the Board of Directors, launched a 5 year strategic plan for the expansion of the company.