Buhari Inaugurates $1 Billion Petroleum Products Off-Take Facility

President Muhammadu Buhari inaugurated the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, on Saturday, saying the facility’s operations would ease congestion at the Apapa Port area.

In a video message at the facility’s inauguration, the president said it had also reduced the cost and delivery of petroleum products distribution to many parts of the country.

He congratulated the chief executive officer of Pinnacle Oil and Gas Ltd., Peter Mbah, for establishing the massive terminal facility and for providing hundreds of jobs for Nigerians.

The president described the investment as a demonstration of the success of his administration’s agenda to transform the nation’s economy.

He added that the government looked forward to many more investments of the same magnitude.

Mr Buhari assured investors of the federal government’s continued support in efforts at elevating the country’s growing prosperity.

“The provision of energy security is one of the cardinal points of our administration.

The president also expressed the hope that further expansion works, which the company had since started, would provide incremental value, especially more employment for youths.

“The success of our agenda to transform our country is clearly demonstrated by this massive investment and the obvious contributions it has made to our overall economic well-being,’’ he stressed.

Mr Buhari also said that the federal government would continue to encourage and support investors to take advantage of ongoing reforms in the oil and gas sector as enshrined in the Petroleum Industry Act.

He expressed the hope that other investors would replicate the feats achieved by Pinnacle Oil and Gas Ltd.

In his remarks, Mr Mbah expressed confidence that the terminal, with over one billion litre-capacity, would fulfil its promise by positively impacting the downstream sector of the country’s oil and gas industry.

Mr Mbah noted that the ultra-modern, purpose-built petroleum products intake, off-take and storage facility would facilitate the efficient receipt of imported petroleum products.

Mr Mbah explained that vessels arriving at the facility would have the opportunity to anchor at either of its two offshore berths.

According to him, the company’s shore tank farm can handle up to 300 million litres of petrol and diesel.

He said the facility was designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day.

Mr Mbah said a consortium of Nigerian banks were behind the $1 billion funding of the facility.

October 22, 2022