An indigenous firm, Pinnacle Oil and Gas Company has concluded arrangement to start the construction of the 600,000 storage facility worth N49.5billion at the Lekki Export Processing Zone, in Lagos.
The project which is expected to commence in January 2016 will generate about 20,000 direct and indirect jobs both during and after construction and also help to reduce the cost of demurrage of petroleum products
Speaking in Lagos at the weekend,Chief Executive Officer(CEO) of the company,Peter Mbah, said that there would be two Mooring Systems, a Single point Mooring (SPM)system for bigger vessels up to 250 ,000 metric tons, while the other one would be a smaller Mooring System which is called the conventional system for smaller vessels of 20,000 to 50,000
He said: “We have a situation in our country where we spend hugely on operational costs for importing refined products. This is unacceptable. Nigeria spend about a N9 per litre on a litre of petrol as operational cost. The project is conceived because the era of going to Lome in Togo or other neighbouring countries for transhipment of petroleum product is over. The project would eliminate the cost of hiring shuttle vessels”.
He said what the company is doing is that it is providing supply chain infrastructural solution, to enable marketers bring their big vessels from anywhere .