NNPC, NCDMB to construct N10.5bn petroleum products terminal
The Nigerian Content Development and Monitoring Board, the Nigerian National Petroleum Corporation and ZED Energy Limited have signed shareholders agreement on the construction of Brass Petroleum Products Terminal Limited, to be located at Okpoama, Brass Local Government Area, Bayelsa State.
The estimated cost of the project is N10.5bn, with NCDMB and NNPC holding 30 percent interest each while ZED Energy holds 40 percent and would operate the terminal upon completion, according to a statement on Friday.
The NCDMB said the terminal would make refined petroleum products available at riverine communities of the Niger Delta at the standard prices, discourage the operations of illegal refineries and create job opportunities for citizens of the Niger Delta and other Nigerians.
It said the terminal would serve as a strategic reserve for the country as it would hold up to 50 million litres of products.
It said the facility would serve as a two-way product jetty – land and marine trucks loading of automotive gas oil, premium motor spirit, dual purpose kerosene and aviation turbine kerosene.
According to the statement, the project will enhance energy security in the Niger Delta and is expected to create 1,000 direct jobs during construction and another 5,000 direct and indirect jobs during the operations phase, because of the nature of downstream operations to create huge employment opportunities.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, described the project as another major achievement of President Muhammadu Buhari in the Niger Delta region.
He said residents of riverine areas had for years bought refined petroleum products at astronomical prices because of the huge cost of transporting products to those locations.
He also attributed the prevalence of illegal refineries in the region to the non-availability legitimate alternatives and expressed hope that the Brass Petroleum Products Terminal Limited would solve some of the problems of the Niger Delta region.
The Minister also commended the smooth collaboration between the NCDMB, NNPC and ZED Energy on the project, hinting that such partnership was needed to move the Nigerian oil and gas industry forward.
The Executive Secretary NCDMB, Engr. Simbi Kesiye Wabote underscored the economic benefits of co-locating the BPPT with the Energy Infrastructure Park being developed at Okpoama and the Brass Fertiliser and Petrochemical Company Ltd (BFPCL), at Odioma, Brass – both projects being developed with equity financing by the NCDMB.
