Pinnacle Oil to construct N50bn oil storage facility

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 .