PRESIDENT BUHARI COMMISSIONS PINNACLE’S PETROLEUM OFFTAKE FACILITY, SAYS ENERGY SECURITY IS CARDINAL TO THE ADMINISTRATION

By Sandra Ukeje

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.

In a statement made available to newsmen, the special adviser to the president on Media and Publicity, Femi Adesina, 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 noted that provision of energy security is one of the cardinal points of our administration. 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 a remark, 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. The energy chief thanked President Buhari, Federal and State authorities as well as the host community for their unflinching support in making the project, which commenced in 2011, a reality. Describing the facility as a world class petroleum terminal with the capacity to handle products in two directions both import and export, Mbah explained that: Mbah disclosed that the funding for the facility, which is over $1billion, was through a consortium of Nigerian banks.