Governorship candidate opens $1bn oil facility in Lagos

The Enugu State governorship candidate of the Peoples Democratic Party (PDP) in the 2023 election, Peter Mbah, has opened a $1 billion oil offtake facility in Lagos.

Peter Mbah is the Chief Executive Officer of Pinnacle Oil and Gas Ltd., the firm that established the massive terminal facility in Lekki, Lagos.

President Muhammadu Buhari virtually inaugurated the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, on Saturday.

Buhari said the operations of the facility would ease congestion at the Apapa Port area.

Mbah described the facility as a world class petroleum terminal with the capacity to handle import and export of petroleum products.

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

“They can berth at our Conventional Buoy Mooring, which is in 17 metres of water depth and can handle vessels of up to 120 million litres.

“They can also berth at our Single Point Mooring, which is in about 23 metres of water depth and can handle vessel sizes of up to 200 million litres.

“These moorings are connected to our storage facilities by four networked pipelines of 40km total length.

“These pipe networks are designed to empty the vessels in a maximum of two days, a significant improvement on the previous duration of up to 30 days,’’ he explained.

According to him, the company’s shore tank farm is currently able to handle up to 300 million litres of petrol as well as 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.

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

In a video message at the inauguration of the facility, the president said it had also reduced 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., Mr 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.

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

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.

It would also improve general energy security in the country and trigger significant savings in the cost of petroleum products at the pump, he said.

Mba said the company was in advanced conversations with nearby Dangote Refinery with a view to forming the nucleus of what would become Africa’s largest energy logistics hub.

He thanked the president, Federal and Lagos State authorities as well as the host community for their unflinching support in making the project, which began in 2011 to come into fruition.

The Star