According to The Guardian, which cited President Muhammadu Buhari, the Nigerian government will support both domestic and foreign investments in the nation’s oil and gas industry.
He urged businesses to benefit from the oil and gas industry’s continuing changes, noting that the government wants to see greater investment in the area.
Speaking at the commissioning of Pinnacle Oil and Gas Limited’s Lekki Free Trade Zone Terminal in Lagos, the president said that the operation of the new facility will lower the cost of petroleum products distribution and facilitate the delivery of products across the country.
Nigerian National Petroleum Company Limited’s Group Chief Executive Officer, Mele Kyari, said Pinnacle terminal is the largest exit point for petroleum products in the country that provides energy security.
The petroleum products terminal has been designed to make possible the direct transfer of products from large vessels to the conventional bouy mooring and single point mooring facilities, stated Lagos State Governor Babajide Sanwo-Olu.
According to Pinnacle Oil and Gas Limited CEO Peter Mbah, the company has started expanding its storage capacity in two stages to reach the intended capacity of one billion liters while broadening its product line to include storage items like LPG and various classes of kerosene.
