President Muhammadu Buhari has inaugurated the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos on Saturday.
The President In a video message at the inauguration of the facility said that the operations of the facility will eased congestion in the Apapa area.
He said that it will reduce the cost and delivery of petroleum product distribution to many parts of the country.
Buhari also congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, for establishing the massive terminal facility and providing hundreds of jobs to Nigerians.
He said, “Provision of energy security is one of the cardinal points of our administration. We have recognized that seamless supply and distribution of petroleum products is challenged by infrastructure deficit and complicated by the congestion in the Apapa areas of Lagos since the start of our administration in the year 2015.
”We provided targeted support to the energy industry by providing an enabling environment, including regulatory facilitation, to ensure investment in critical infrastructure.
”I am happy today that Pinnacle Oil and Gas limited leveraged the opportunities and established this massive terminal facility. I am happy to also note that further expansion works which are starting will further provide incremental value, especially more employment to our teeming youth population.
”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.”
In his remarks, the CEO of Pinnacle said the terminal has over one billion litre-capacity to fulfil Nigeria’s oil and gas industry.
He revealed that the company is already in advanced conversations with the Dangote group regarding collaborations to complement the operations of the nearby Dangote refinery which is soon to come on stream, with a view to forming the nucleus of what will become Africa’s largest energy logistics hub.
He Described the facility as a world class petroleum terminal that will aide the import and export of the country’s oil and gas industry.
According to bag, ‘‘Mother Vessels arriving at the facility will have the opportunity to berth at either of our two offshore berths. Either the Conventional Buoy Mooring (CBM), which is in 17m of water depth and can handle vessels of up to 120 million litres, or our Single Point Mooring (SPM), which is in about 23m 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 which could take up to 30 days.
”Our shore tank farm is currently able to handle up to 300 million litres of Premium Motor Spirit (PMS) as well as diesel or Automotive Gas Oil (AGO), and the facility is designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day.”