Mbah: $250 Million Investment In Lekki Free Zone To Create 5,000 Jobs For Nigerians

Waiver granted Pinnacle Oil and Gas at the Lekki Free Trade Zone in Lagos state will help solve the infrastructural problems in the oil and gas industry.
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Peter Mbah
Pinnacle Oil and Gas
Lekki Free Trade Zone


Victoria Island - Lagos State - Nigeria

Joint Ventures

VICTORIA ISLAND, Nigeria - April 1, 2014 - PRLog -- The Managing Director and Chief Executive Officer (CEO), of Pinnacle Oil and Gas limited, Mr Peter Mbah has said the waiver granted his company for the construction of single Point Mooring (SPM) and conventional Bouy Mooring (CBM) at the Lekki Free Trade Zone in Lagos state at a cost of $250 million will help solve the infrastructural problems in the oil and gas industry.

Mbah who spoke in Abuja after a courtesy visit to the Minister of Transport, Mr Idris Umar, said the projects, when completed, would also generate about 5,000 jobs for Nigerians.

He said: “It is expected that Pinnacle Oil and Gas, would be investing an estimate of about $250 million, to accomplish this project and with an initial job creation of about 5000 jobs. “We think that this approval is in line with the president’s transformation agenda, which also seeks to empower the youth, create jobs and generate wealth for this country”.

He said: “We are not going to compromise on standards in the provision of this facility. We have the best project consultants and managers. We are indeed prepaid as the approval will not end up on our shelf as we have hit the ground running”.

Mbah explained: “The project was not just another tank farm, adding that the projects, when completed would help in moving petroleum products such as gas, ethanol or crude. The importance is not about storage tank, it is about logistic supply chain where we have huge supply chain; because right now if you have 100,000 metric tonnes of products, it will require about three months to get them discharge into the terminals.

“So what we are doing is to say this is unacceptable as it is not anywhere and because of the shallowness of our jetties, we are unable to sustain it. So what we are conceived was how to eliminate this because we have deep water land and deep jetties”.

He said: “The essence of the courtesy visit is to graciously thank President Goodluck Jonathan for granting Pinnacle Oil and gas the waiver to construct the Single Point Mooring at the Lekki Free Trade Zone and as you may be aware this approval is indeed going to mark a radical transformation in the way and until now manage our logistics at our supply chain at our oil and gas downstream sector”.

With the approval, Mbah said Nigerians will soon bid good bye to the era of petroleum shortages across the country.

“We are not going to have anything like queue upon completion of the projects, this because the SPM that we are going to provide is going to enable marketers to discharge their products swiftly. So the queue and intensity that is noticeable in our various jetties across the country is going to be a thing of the past,” he said.

Source:Pinnacle Oil and Gas Limited
Tags:Peter Mbah, Pinnacle Oil and Gas, Lekki Free Trade Zone
Industry:Business, Energy
Location:Victoria Island - Lagos State - Nigeria
Subject:Joint Ventures
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