By Festus Fifen.
With the increasing challenges bedeviling the importation storage and distribution of petroleum products across the country.
The Chief Executive officer of Pinancle Oil and Gas limited Mr. Peter Mba says the recent commissioning of Pinnacle storage Terminal in Lagos by President Muhammadu Buhari will be a game changer in the industry.
Speaking to State House Correspondents after a thank you visit to President Buhari a the Aso Rock Presidential Villa Abuja, Mr. Mba says ” you will recall that on the 22nd day of October, 2022, Mr. President inaugurated our storage terminal, adjudged to be the largest storage terminal in West Africa, with offshore intake facilities also adjudged to be the deepest intake facility in the entire Africa, sitting at a water depth of 23 meters.”
” So we do have SPM and CBM. Those are the offshore facilities we have. Those facilities have the capability to in-take the largest vessels you can imagine and discharge over 100 million liters of clean petroleum products within 24 hours. This is typically what takes the industry 30 to 32 days to discharge.”
” So what it has done, it has ease the congestion and the gridlock we have at the Apapa area in Lagos. It has also reduced the costs of supply and delivery of petroleum products in different parts of the country. It has also provided jobs for teeming unemployed Nigerians.”
Speaking on how the facility will help the distribution of petroleum products, Mba said ” there has been a deficit of the sort of investments Pinnacle has done in the last decades, but what we’re doing right now is to address that stagnation of investments in the downstream oil and gas industry. what the Pinnacle has done is to create some efficiency in the supply and distribution value-chain of the downstream sector. “
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