Posted by By ZIKA BOBBY on
The Federal Government has given Capital Oil and Gas Industries thumbs up over its efforts to ease the discharge of petroleum products being imported into the country. The company has embarked on a $150 million expansion project.
The Federal Government has given Capital Oil and Gas Industries thumbs up over its efforts to ease the discharge of petroleum products being imported into the country. The company has embarked on a $150 million expansion project.
The Special Adviser to the President on Petroleum Matters, Dr. Emmanuel Egbogah made the commendation when he visited the Tank farm of the company at Ibafon, Apapa, Lagos.
Dr. Egbogah declared: 'From what I have seen on the ground, you should have to work together with the NNPC in order to help us eliminate some of the problems that we are currently facing in the importation of petroleum products."
He noted that the projects was capable of improving the supply of petroleum products, make them readily available and eventually bring down the prices when the unnecessary demurrage currently being incurred at ports are eventually eliminated.
Earlier, the MD/CEO of the oil-marketing outfit, Mr. Ifeanyi Ubah told the visitor that his company was vigorously pushing ahead with the construction of its second and third phases of the project.
He said the company embarked on a $150 million expansion project to increase the storage capacity at its Tank farm and build an ultra-modern private jetty that would enable six large oil vessels to discharge products all at the same time.
Ubah disclosed that the Ibru jetty could only accommodate two vessels at a time, noting that, 'that's why we are constructing our own jetty to accommodate six large ships at a time."
He pointed out that 'it presently take 72 hours for a ship to berth before being able to discharge its products. We would be reducing the heavy demurrage currently being incurred by oil marketers."
Ubah told the Special Adviser that his company's storage capacity would rise from 35,800 metric tonnes to 100,000 metric tonnes by next November.