Fynefield Petroleum commissions N3bn oil depot

Fynefield Petroleum FZE’s has commissioned a N3 billion ultra-modern 40 million litre capacity petroleum product depot located at the Calabar Free Trade Zone, Cross-River State.

The  facilities which meets international standard has a combined capacity of 40,734,724 litres with Petrol (PMS) storage capacity of 20,413,594litres, Kerosene (DPK) storage capacity of  10,157,073 litres and Diesel (AGO) storage capacity of 10,164,057 litres.

Commissioning the deport, the Executive Governor, Cross River State, Professor Ben Ayade expressed  his excitement about the investment  which he described as a significant milestone and a big boost to the Cross River and the nation’s economy in the areas  of employment opportunities and speedy distribution of products across the country.

The governor commended the Management of Fynefield Petroleum FZE for choosing Cross River State as location for the ultra-modern 40 million litre capacity petroleum product depot, “we are very glad you choose to make this huge investment in Calabar, we can assure you that it is a very good decision”.

Gabriel Ogbechie, managing director, Fynefield Petroleum FZE  while speaking at the commissioning,  said the ultra-modern 40 million litre capacity petroleum product depot was built to enrich the distribution chain of petroleum products in the country as the depot will serve Cross River State, neighbouring states like Akwa Ibom, Abi, Imo, Taraba, Plateau, some states in the North East and the Northern part of the county at large.

He added that the investment which cost over N3 Billion is the company’s contribution to the economy of Cross River State in particular and the whole country in general, “this facility will provide direct employment to over fifty individuals and hundreds indirectly because tank trucks will come to the facility from all over the country to lift petroleum products”.     

Ogbechie  however disclosed that there are some challenges that comes with distribution of petroleum products in the areas which he highlighted as  “We are being faced with some challenges doing business in this part of the county, the first I’ll mention is the road network , moving products from Calabar to other part of the country, the Calabar, Ikot Ekpene road can be better that what it is today, also the Calabar-Ikom-Ogoja road which takes products to the Northern part of the country can be improved upon, we pray that His Excellency the Cross River State Governor in collaboration with the Federal Government will help fix the road” he said.

According to him the second challenge petroleum depot operators face is the relative shallow daft in the Calabar River “we have is the comparative low draft of the Calabar River channel, the draft is 6.4m, it makes it difficult for vessels fully loaded with petroleum products to come to berth safely, we load 15,000 metric tonnes into vessels that have capacity to load 30,000 metric tonnes because of the draft and therefore appealed to his Excellency Senator, Professor Ben Ayade to help resolve this challenges.

Governor, Ifeanyi Okowa of  Delta State while delivering his goodwill message, said the project is a huge investment to Cross River state which will provide employment for youths in the state and boost petroleum product distribution chain in the South-South and some Northern part of the country.

Responding to challenges raised by the Managing Director, Governor Ayade said that his administration is already working on them. “I can assure you that the evacuation corridor will no longer be a challenge, in no distant time the construction of 240 kilometre highway from Calabar down to Ogoja will commence, the contract has been sign few days ago,” he said.

He added that on the issue of draft he understand increases   the cost of doing business because vessels are not able to load to full capacity; “this government has thought it wise to set up a special task force to dredge the channel. In 18months time modern vessels will be able to birth in Calabar because we are commencing the construction of a deep sea port”.

Olusola Bello