Pinnacle Oil to Construct $250 Million Mooring Facility at Lekki Free Zone
Pinnacle Oil has announced its plans to construct a $250 million mooring facility at Lekki Free Zone, giving the Free Zone a real boost. The Single Point Mooring (SPM) and Conventional Buoy Mooring (CBM) facilities will enable tankers to load and offload gas or liquid products. Such moorings provide low-cost facilities for the rapid loading and discharge of crude oil and refined products imports and exports. The facilities will also be able to accommodate very large crude carriers and will be able to handle 100 metric tonnes of product within 48 hours.
The project is now looking more likely after the Minister of Transport, Mr Idris Umar, granted the company a valuable waiver for the project meaning that the project is much more viable. Neither the company nor the Minister stated the value of the waiver. However, the Minister said that when completed, the project would provide about 5,000 jobs for Nigerians.
Managing Director of Pinnacle Oil, Peter Mbah said that when completed, the facility will also provide a national shortage storage base with the capacity to provide a three weeks bridge. He did however stress that the project is more than just a tank farm and was really about the speedy discharge of products. He said: “Right now if you have 100,000 metric tonnes of products, it will require about three months to get them discharge into the terminals.”
He added that the project, when completed, was going to mark a radical transformation in the way in which products are discharged.
Pinnacle Oil is constructing the facility in partnership with the China Petroleum Technology Development Corporation (CPTDC).