Nigeria: President calls for more investments in oil & gas

Nigeria’s President Muhammadu Buhari has urged local and foreign investors to inject money into the country’s oil and gas sector undergoing reforms, reports say.

Speaking at the commissioning of Pinnacle Oil and Gas Limited’s Lekki Free Trade Zone Terminal in Lagos, the Nigerian 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.

Mele Kyari, Chief Executive Officer of the Nigerian National Petroleum Company, who was attending the event, indicated that 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 and single point mooring facility.

The company has commenced the expansion of storage size in two stages to reach the designed capacity of one billion liters, while diversifying its product range to include storage products such as LPG and other classes of kerosene, noted Pinnacle Oil and Gas Limited CEO Peter Mbah.