FIDELITY BANK SUPPORTS PINNACLE OIL AND GAS TO EASE PETROLEUM PRODUCTS DISTRIBUTION NATIONWIDE
L – R: Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe; Executive Governor, Lagos State, His Excellency, Mr. Babajide Sanwo-Olu; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari; and Group Chief Executive Officer of Pinnacle Oil and Gas Limited, Mr. Peter Mbah at the inauguration of the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos on Saturday, 22 October 2022.
Situated in the Lekki free trade zone in Lagos, the intake, offtake and storage facility is designed to enable the efficient distribution of imported petroleum products, trigger significant savings in the costs of products at the pump and ultimately improve energy security in the country. The newly commissioned terminal, which is valued at over $1billion, was financed by a consortium of Nigerian banks led by Fidelity Bank Plc.
Addressing guests at the well-attended event, President Muhammadu Buhari said the facility would reduce the cost of petroleum products distribution across the country, ease the congestion at the Apapa Ports in Lagos as well as provide hundreds of jobs.
“The success of our agenda to transform our country is demonstrated by this massive investment and the obvious contributions it has made to our overall economic well-being. We recognised that seamless supply and distribution of petroleum products is challenged by infrastructure deficit and complicated by the congestion at the Apapa Port area of Lagos. 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 Ltd leveraged on the opportunities and established this massive terminal facility”, stated President Buhari via a video message at the event.
Commenting on Fidelity Bank’s support for the project, its Managing Director/CEO, Mrs. Nneka Onyeali-Ikpe, said, “Energy security and reduction of business operating costs are two challenges we take seriously in Fidelity Bank as we seek ways of helping businesses run profitably. With the commissioning of this facility, there would be a marked improvement in the downstream sector of the Nigerian economy around petroleum products distribution and reduction in energy costs for businesses across the country. The Board and Management of Fidelity Bank congratulate Mr. President, His Excellency Mohammadu Buhari, the Group Chief Executive Officer of Pinnacle Oil and Gas Ltd and our amiable customer, Mr. Peter Mbah; and indeed, all Nigerians on this epoch-making event.”
In his remarks, the chief host at the event and Group Chief Executive Officer of Pinnacle Oil and Gas Ltd, Mr Peter Mbah explained that the company was already in talks with the Dangote Group as regards partnerships that can complement the operations of the nearby Dangote Refinery which would soon resume operations with a view of pioneering what he termed “Africa’s largest energy logistics hub”.
“Vessels arriving at this facility would have the opportunity to anchor at either of our two offshore berths. They can berth at our Conventional Buoy Mooring, which is in 17 metres of water depth and can handle vessels of up to 120 million litres. They can also berth at our Single Point Mooring, which is in about 23 metres of water depth and can handle vessel sizes of up to 200 million litres. These moorings are connected to our storage facilities by four networked pipelines of 40km total length. These pipe networks are designed to empty the vessels in a maximum of two days, a significant improvement on the previous duration of up to 30 days. The facility is designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day,” divulged Mbah.