President Muhammadu Buhari, on Saturday, inaugurated the
Pinnacle Oil and Gas FZE terminal at the Lagos Free Trade Zone in Lekki.
In a video address at the inauguration of the facility on
Saturday, the president said the terminal would reduce the cost of petroleum
products distribution to many parts of the country.
He said the facility’s operations would also ease congestion
at the Apapa Port area and provide “hundreds of jobs”.
Join us celebrate today as President Muhammadu Buhari @MBuhari commissions the #Pinnacle Oil and Gas Ltd’s first-of-its-kind
— Peter Ndubuisi Mbah (@PNMbah) October 22, 2022
offshore subsea petroleum products terminal at the Lekki Free Trade Zone pic.twitter.com/GyNVMMojeB
The president
described the investment as a demonstration of the success of his
administration’s agenda to transform the country’s economy.
He added that the government looked forward to many more
investments of the same magnitude.
Buhari assured investors of the continued support of the
federal government’s efforts at elevating the growing prosperity of the
country.
“The provision of energy security is one of the cardinal
points of our administration,” the president said.
“We recognised that seamless supply and distribution of
petroleum products is challenged by infrastructure deficit and complicated by
the congestion at the Apapa Port area of Lagos.
“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 Ltd leveraged on
the opportunities and established this massive terminal facility.”
The president also expressed hope that further expansion
works — which the company had since started — would provide incremental value,
especially more employment for youths.
“The success of our agenda to transform our country is
demonstrated by this massive investment and the obvious contributions it has
made to our overall economic well-being,’’ he added.
Buhari also promised that the federal government would
continue to encourage and support investors to take advantage of ongoing
reforms in the oil and gas sector as stipulated in the Petroleum Industry Act
(PIA).
Furthermore, he congratulated Peter Mbah, chief executive
officer (CEO), Pinnacle Oil, for establishing the terminal facility.
In his remarks, Mbah expressed confidence that the terminal
— with over one billion litres capacity — would positively impact the
downstream sector of the oil industry.
Mbah noted that the petroleum products’ intake, off-take and storage facility would facilitate the efficient receipt of imported petroleum products.
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