The intake, offtake, and storage complex, which is located in Lagos' Lekki Free Trade Zone, is intended to facilitate the effective distribution of imported petroleum products, result in considerable cost savings at the pump, and ultimately enhance the nation's energy security. A group of Nigerian banks led by Fidelity Bank Plc provided the funding for the recently inaugurated terminal, which is valued at over $1 billion.
President Muhammadu Buhari spoke to attendees at the well-attended ceremony, telling them that the facility would lower the cost of petroleum product distribution throughout the nation, relieve congestion at the Apapa Ports in Lagos, and create hundreds of employment.
"This enormous investment and the clear benefits it has brought to our general economic well-being show the effectiveness of our program to transform our nation. We acknowledged that the lack of infrastructure and the congestion in the Lagos neighborhood of Apapa Port hinder efforts to ensure the uninterrupted supply and distribution of petroleum products.
By establishing an enabling climate and regulatory facilitation to secure investment in crucial infrastructure, we specifically supported the energy industry. In a video message played at the event, President Buhari said, "I am pleased that Pinnacle Oil and Gas Company capitalized on the opportunities and created this enormous terminal facility.
The Managing Director/CEO of Fidelity Bank, Ms. Nneka Onyeali-Ikpe, commented on the bank's support for the project, saying, "Energy security and cost-reduction of business running expenses are two challenges we take seriously in Fidelity Bank as we seek ways to help businesses function profitably.
With the commissioning of this plant, the distribution of petroleum products in Nigeria would significantly improve, and energy costs for businesses throughout the nation would decrease. The Board and Management of Fidelity Bank extend their congratulations to all Nigerians on this historic occasion, including Mr. President, His Excellency Mohammadu Buhari, the Group Chief Executive Officer of Pinnacle Oil and Gas Ltd., and our friendly client, Mr. Peter Mbah.
The event's main host and group chief executive officer, Mr. Peter Mbah, stated during his remarks that his company was already in discussions with the Dangote Group regarding partnerships that could supplement the operations of the nearby Dangote Refinery, which would soon resume operations, with a view to establishing what he called "Africa's largest energy logistics hub."
"We have two offshore berths available for vessels to anchor at when they arrive at this facility. They can dock at our Conventional Buoy Mooring, which can accommodate boats up to 120 million liters and is in 17 meters of water. They can also moor at our Single Point Mooring, which can accommodate vessels up to 200 million liters in capacity and is in a depth of roughly 23 meters.
Four interconnected pipelines totaling 40 km connect these moorings to our storage facilities. The vessels will be completely emptied by these pipe networks in no more than two days, which is a substantial improvement over the prior timeframe of up to 30 days. According to Mbah, the facility is built to allow for a quick discharge into trucks for evacuation at a rate of up to 20 million liters per day.
Post a Comment