President Muhammadu Buhari has expressed delight that the operations of Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, have eased congestion in the Apapa area.
According to the President, the operations have also reduced cost and delivery of petroleum product distribution to many parts of the country.
Speaking at the inauguration of the facility, President Buhari congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, for establishing the massive terminal facility and providing hundreds of jobs to Nigerians.
He described the investment as a demonstration of the success of his administration’s agenda to transform the nation’s economy, adding that government was looking forward to “many more investments of this magnitude”.
He also assured investors of the continued support of the Federal Government in efforts to elevate the prosperity of the country.
The Federal Government would continue to encourage and support investors to take advantage of the ongoing reforms in the oil and gas sector as enshrined in the Petroleum industry Act and replicate the feats achieved by Pinnacle Oil and Gas limited, he added.
The CEO of Pinnacle had expressed confidence that the terminal, with over 1 billion litre-capacity, would fulfil its promise by positively impacting the downstream oil and gas industry.
Mr Mbah assured the President that the ultra-modern purpose-built petroleum products intake, off take and storage facility would facilitate the efficient receipt of imported petroleum products, improve general energy security in the country, and trigger significant savings in costs of products at the pump.
The company was already in advanced conversations with the Dangote group, regarding collaborations to complement the operations of the nearby Dangote refinery, which is soon to come on stream, with a view to forming the nucleus of what will become Africa’s largest energy logistics hub, he said.
The energy chief thanked President Buhari, Federal and State authorities, as well as the host community for their unflinching support in making the project, which commenced in 2011, a reality.
Describing the facility as a world class petroleum terminal, Mr Mbah said it has the capacity to handle products in two directions, both import and export.
The funding for the facility, which he estimated to be over $1 billion, was through a consortium of Nigerian banks.
Reporting by Abdullah Bello; Editing by Omotola Oguneye and Tony Okerafor