Pinnacle signs joint MOU with the Lekki Free Trade Zone Company and China Petroleum Technology and Development Corporation (CPTDC)
Pinnacle Oil & Gas Ltd will complete the construction of a 400,000metric tonnes tank farm connected to Single Point Mooring (SPM) and Conventional Buoy Mooring (CBM) facilities at Lekki Free Trade Zone in 2013.
The company has signed a joint memorandum of understanding with the Lekki Free Trade Zone Company and China Petroleum Technology and Development Corporation (CPTDC) to develop Nigeria’s first commercial offshore products terminal infrastructure.
Chief Executive Officer of the company, Mr. Peter Mbah, told journalists at the weekend that the N40billion project was aimed at the transfer of refined petroleum products and gas from tankers of various sizes to tank farms on the shore as well as for the loading of products on tankers for distribution along the West African coast.
“Basically, the proposed mooring facilities would eliminate any need for lightering or other trans-shipment operations such are the norm in the Nigerian downstream industry today and would also negate any need for investment in the construction of a shore side jetty. Furthermore, the mooring facilities will enable petroleum cargo vessels of various capacities to anchor and discharge products with minimal vessel congestion as compared to the current situation on the Apapa- Kirirkiri axis” he said.
Mbah said the impetus to develop the project stemmed from the fact that Lekki Free Trade Zone would make it possible and easy to import and export products and service the entire West African market.
He stated that the facilities would be served by about 11kilometres of subsea and shore pipeline. “In view of this, Pinnacle is presently in the process of engaging a technical partner for the purpose of obtaining the required Front End Engineering Design (FEED) for the project. Also discussions with international and local financiers, for the project are ongoing,” he said. He said the project would be positioned as a commercial facility to serve international trading companies aiming to deliver products to markets in the West Africa coast.
Mbah also noted that third party tank farm in the Lekki Free Trade Zone and environs would also benefit from the services to be provided by the facilities to avoid lightering and trans-shipment.
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