President Muhammadu Buhari, has encouraged more investors to take advantage of government’s various gas initiatives and invest in the nation’s oil and gas industry.
The sector, he said, offered investors robust prospects and opportunities.
Buhari, who spoke at the commissioning of the $1billion Pinnacle Oil and Gas Limited’s Lekki Free Trade Zone Terminal, yesterday, said, his administration, through the passage of the Petroleum Industry Bill(PIB) into law and robust regulatory regime, have created the enabling environment for investment in the hydrocarbon industry to thrive.
He also emphasised the commitment of his administration to the promotion of energy security and bridging infrastructure gaps in the oil and gas industry.
Commending Pinnacle Oil and Gas for the investment, Buhari said, the company has keyed into and benefit from his administration’s initiatives to provide new lease of life for investors’ in the country’s oil and gas sector.
Buhari expressed optimism that the company’s new terminal will open the country’s economy through value addition to the Gross Domestic Product (GDP) and creation of jobs for Nigerians.
Also speaking, Lagos state governor, Babajide Sanwo Olu, described the launch of Pinnacle Oil and Gas Limited’s terminal as an audacious strategy to revolutionise the country’s downstream oil and gas industry.
He told guests at occasion that, with the launch of the facility, large vessels can now berry at the terminal within shorter time, just as he expressed that, it would create opportunity for the export of product in West African region.
He also described the company as the state’s biggest customer hub, adding that, the birth of the terminal will decongest Apapa terminal and entrench energy security in the land.
He invited other investors into the Lekki Free Trade Zone, adding that, his administration is creating the needed environment to make the zone friendly for investment in the country.
Also speaking, the chief executive officer of Nigerian National Petroleum Limited(NNPCL), Mallam Mele Kyari, said Pinnacle Oil and Gas Limited’s terminal is the largest exit point for petroleum products in Nigeria currently and has clearly demonstrated capacity by easing delivery of petroleum products into account in many parts of the country.
In his remarks, the goup CEO, Pinnacle Oil & Gas, Dr Peter Mbah, said, in order to take the challenge of transforming the industry, Pinnacle was driven by its mantra of being a company driven by innovation.
“We have always believed that the role of business in community is always to seek ways to make things better for the community. In line with this, in 2011, we started working on a concept to solve this problem which has resulted in the ultramodern facility we’re commissioning today.
“To ensure the high quality of the resulting solution, we used some of the world’s best vendors from home and abroad in the design and delivery of this project. Three of these merit our mention, namely, TLD Engineering Services Limited, Orwell Offshore Limited, and Brightwater Energy Services Limited,” he pointed out.
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