President Muhammadu Buhari on Saturday commissioned a mega oil and gas terminal, the Pinnacle Oil and Gas FZE Terminal, in Lekki. He noted that the operation of the terminal has eased congestion in at the Apapa ports, as well as reduce the cost and delivery of petroleum products distribution to many parts of the country.
The President in a virtual message on the inauguration, congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, for establishing the mega terminal facility and providing hundreds of jobs to Nigerians.
The President stated that the investment was a demonstration of the success of his administration’s agenda to transform the nation’s economy, saying government looks forward to many more investments of this magnitude.
President Buhari assured of continued support of the Federal Government to investors towards elevating the growing prosperity of the country.
President Buhari declared: “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.”
The CEO of Pinnacle said that the terminal with over one billion litre-capacity will fulfil its promise by positively impacting the downstream oil and gas industry. He added 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.