Buhari woos investors at launch of Pinnacle’s 300m petroleum products terminal

President Muhammadu Buhari has invited investors to take advantage of the infrastructural development happening at the Lekki Free Zone during a virtual launch of Pinnacle Oil and Gas 300 million litres petroleum storage facility in Lagos.

“Improving energy security is one of the cardinal objectives of this administration. We recognise that the seamless supply and distribution of petroleum products is challenged by the infrastructure deficit and the congestion of the Apapa area of Lagos.

We have provided target support to the energy industry, and we have also provided an enabling environment including regulatory facilitation to ensure investment in critical infrastructure, he said.

The president said the facility would ease congestion in the Apapa area, reduce the cost of petroleum products distribution and ease the delivery of products to many parts of the country while also creating job opportunities.

Buhari commended Pinnacle Oil and Gas Limited for the investment effort made so far, saying that his administration is looking ahead for more investment of this magnitude while also ensuring oil and gas investors of his administration’s continued support

The Pinnacle Lekki petroleum products terminal is an ultramodern purpose-built petroleum products intake, off-take and storage facility conceptualise to revolutionise the Nigerian downstream oil and gas industry.

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According to Pinnacle, the 40 kilometres will enable the direct delivery of petroleum products from large vessels which would otherwise have been unable to berth anywhere on the Nigerian coastline.

Peter Mbah, CEO, Pinnacle oil and gas, said in deciding to take on the challenge of transforming the industry, the firm was driven by its mantra of being a company driven by innovation.

“Our shore tank farm is currently able to handle up to 300 million litres of petrol and diesel, and the facility is designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day,” Mbah said.

He said the terminal is supported by the World class services of the Lekki Free Zone Development Company in area of services like power supply, truck traffic management etc.

“In the future, we see bright prospects for this Terminal. We have commenced the expansion of the size of the storage in two stages to the final designed capacity of one billion litres, and diversify our product range to include the capacity to store other products like cooking gas, Kerosene and other classes of Kerosene.”

Mbah also said that the firm is in an advanced talks with the Dangote group regarding collaboration to complement the operations of the nearby Dangote refinery which is soon to come on stream, with a view to forming the nucleus of possibly Africa’s largest energy logistics hub.

Babajide Sanwo-Olu, the governor of Lagos state said the state is open to business understands its responsibility to lead by example in creating an enabling environment for investment across all sectors.

“Come to Lagos and we will give you the enabling environment that will make sure that your businesses thrives and they do well and we can grow the GDP of our country,” he said.

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