• About
  • Advertise
  • Contact
Saturday, August 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Business

Buhari To Commission First Off-shore Petroleum Terminal In Lekki

Vital News by Vital News
October 19, 2022
in Business
0
Share on FacebookShare on Twitter

President Muhammadu Buhari will this weekend commission Nigeria’s first off-shore petroleum products terminal at Lekki, Lagos State.

Located in the Lekki Free Zone, the terminal, owned by Pinnacle Oil and Gas Limited, is an ultra-modern purpose-built products intake, storage and off-take facility conceptualised to revolutionise the Nigerian downstream oil and gas industry by enabling the direct delivery of petroleum products from large vessels which would otherwise have been unable to berth anywhere on the Nigerian coastline.

The project concept was set to improve the efficiency of the Nigerian downstream industry by eliminating the need for expensive vessel lightering, reducing the incidence of demurrage for visiting mother vessels, reducing the typical out turn losses which typically occur during lightering operations, among other strategic objectives.

Speaking to journalists on the project, the Managing Director of Pinnacle Oil and Gas, Mr Peter Mba, explained the rationale for the project .

“We noticed that the conventional operations of moving petroleum products from ships to tank farms were sub-optimal involving a lot of multiple handling.

RelatedStories

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

Nigeria Records $3.23 billion From Non-Oil Exports

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire

“The procedures have been very inefficient, bringing in cargoes in large tankers, keeping that large tanker in the middle of the sea and then going with shuttle vessels to lighter (tranship) from the large tanker because we couldn’t take the large tanker to the port due to shallow draft restriction.

“To empty the mother vessel, it will require you to do a minimum of 32 days of such shuttling.

“So we then designed and created a liquid bulk terminal in an open sea, and with the new infrastructure the operation now takes just two days, because you just connect the mother vessel to our terminals directly.

“So it reduces the demurrage cost the industry was incurring on the mother vessel and the cost of hiring the shuttle vessel,” he said. (Vanguard)

Tags: LagosLekkiTerminalvessel
Previous Post

$778mln Fine Slammed On Lafarge For Financing Terror Groups

Next Post

Don’t Abandon Your Duties For Election Campaign, Buhari Warns Ministers, Other Appointees

Vital News

Vital News

RelatedStories

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant
Business

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

August 15, 2025
Nigeria Records $3.23 billion From Non-Oil Exports
Business

Nigeria Records $3.23 billion From Non-Oil Exports

August 11, 2025
Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits
Business

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

August 8, 2025
Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire
Business

Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire

July 30, 2025
Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
Next Post

Don’t Abandon Your Duties For Election Campaign, Buhari Warns Ministers, Other Appointees

Floods : Gas Scarcity Looms As NLNG Declares Force Majeure

At Ministerial Retreat, Tinubu Pledges To Honour Buhari's Legacies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Lagos Seals 12 Buildings, Demolishes 2 Fences At Banana Island

2 years ago
Britain, Ogun In Partnership To Establish $5mln Battery Recycling Company

Britain, Ogun In Partnership To Establish $5mln Battery Recycling Company

11 months ago
Oyetola Performs Groundbreaking Ceremony Of Gateway Inland Dry Port

Oyetola Performs Groundbreaking Ceremony Of Gateway Inland Dry Port

10 months ago
Ododo Launches Credit Support Scheme For Livestock Farmers In Kogi

Ododo Launches Credit Support Scheme For Livestock Farmers In Kogi

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

KB Klub Holds Largest Blood Donation Drive, Raises 500pints Of Blood In Lagos

Don’t Stay Away From Home, President Tinubu Tell Nigerians In Japan, Says Nigeria On The Rise Again

Abia Secures $750mln World Bank Support For Renewable Energy

Woman Mistaken For Kidnapper Killed By Irate Mob In Ilorin

Trending

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency
News

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency

by Vital News
August 22, 2025
0

The management of Dangote Cement Plc (DCP) has restated its commitment to training and constant retraining of...

Japan Designates Kisarazu City As Hometown For Nigerians

Japan Designates Kisarazu City As Hometown For Nigerians

August 22, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

August 22, 2025
Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba,  N1.07bln Salary Arrears

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

August 22, 2025
First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

August 22, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency August 22, 2025
  • Japan Designates Kisarazu City As Hometown For Nigerians August 22, 2025
  • FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs August 22, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In