FG approves waiver for Pinnacle oil at Lekki free zone

Single Point Mooring is an off-shore anchored loading buoy that serves as mooring point and interconnects to tankers loading or off-loading gas or fluid products.
SPM’s are becoming increasingly prevalent as they provide low-cost and rapid import and export of crude oil and refined products, using a range of tankers up to very large crude carriers.
Minister of Transport, Senator Idris Umar, disclosed the Federal Government’s approval when he received the management of Pinnacle Oil and Gas Ltd and its technical partners in his office in Abuja, yesterday.
Umar said the waiver granted to the company was in good stead to assist the oil company carry out the $250million Single Point Mooring, SPM in Lekki free zone,
The minister, however, advised the company to submit the list of all its technical partners to the Nigerian Ports Authority.
Speaking earlier, Pinnacle Managing Director Mr Peter Mbah said that the Single Buoy Mooring project will gulp as much as $250million.
According to Mbah: “What we are simply doing is to attend to the supply chain infrastructure, which means that we are able to have supplied product from wherever they are coming from within the strictest possible time. We are able to do as much as 100 metric tonnes of product within 48 hours.
When completed, it will become Nigeria’s national shortage storage base with capacity to bridge for three weeks or more.

It is also expected to create about 5,000 jobs Mbah stated that the partnership with the China Petroleum Technology Development Corporation (CPTDC) and Lekki Free Trade Zone Company (LFTZC) Limited would lead to the development of the Nigerian downstream sector as the free zone provided a more convenient alternative to loading of oil products.