Buhari Inaugurates 1bn Dollars Petroleum Products Off-Take Facility


President Muhammadu Buhari on Saturday commissioned the Pinnacle Oil and Gas FZE Terminal in Lekki, Lagos, saying the operations of the facility have eased congestion in the Apapa area and reduced the cost and delivery of petroleum product distribution to many parts of our country.

In a video message at the inauguration of the facility, the President congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, for establishing the massive terminal facility and providing hundreds of jobs to Nigerians.

The President described the investment as a demonstration of the success of his administration’s agenda to transform the nation’s economy, adding that government looks forward to many more investments of this magnitude.

Assuring investors of the continued support of the Federal Government in efforts to elevate the growing prosperity of the country, President Buhari in a statement by his Special Adviser on Media and Publicity, Chief Femi Adesina said:

”Provision of energy security is one of the cardinal points of our administration.

Buhari Inaugurates 1bn Dollars Petroleum Products Off-Take Facility

”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.”

Source: Vanguard Newspaper