President Muhammadu Buhari on Saturday commissioned the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, saying the operations of the facility have eased congestion in the Apapa area, reduced cost and delivery of petroleum product distribution to many parts of our country.
In a video message at the inauguration of the facility, the President 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.
The President described the investment as a demonstration of the success of his administration’s agenda to transform the nation’s economy, adding that government looks forward to many more investments of this magnitude.
Assuring investors of the continued support of the Federal Government in efforts to elevate the growing prosperity of the country, President Buhari 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.”
President Buhari also reiterated that the Federal Government would continue to encourage and support investors to take advantage of the ongoing reforms in the oil and gas sector as enshrined in the Petroleum industry Act and replicate the feats achieved by Pinnacle Oil and Gas limited.
In his remarks, the CEO of Pinnacle expressed confidence that the terminal with over one billion litre-capacity will fulfil its promise by positively impacting the downstream oil and gas industry.
Mbah noted that the ultra-modern purpose-built petroleum products intake, off take and storage facility will facilitate the efficient receipt of imported petroleum products, improve general energy security in the country and trigger significant savings in costs of products at the pump.
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.
