The over $1 billion goods terminal owned by Pinnacle Oil & Gas Limited will be officially opened by President Major General Muhammadu Buhari (retd) on Saturday.Information Guide Nigeria
In the heart of Lagos’ Lekki Free Trade Zone sits the terminal with a capacity of more than a billion litres.
Pinnacle, which holds a 23% market share in the downstream sub-sector, is a significant player in addition to the NNPC, the largest market provider.
Peter Mbah, group chief executive officer of the company, remarked on the accomplishment, stating that the facility, which featured both offshore intake facilities, was located 23 metres from shore in water with a capacity of 80— 00 million litres.
Other Top Stories:
- FG records N5.33tn deficit in eight months
- Naira May Be Devalued By 20% In 2023- Bank of America
- BOI plans €1bn facility to support MSMEs
- Police bank disburses N2.93bn mortgage to 1,165 policemen
“What we are about to unveil on Saturday is an offshore intake facility. There are actually two offshore intake facilities. One sits on a water depth of 23 metres that has two cargo pipelines of 24-inch diameter. We also have the CBM, which sits at a water depth of 17 metres. It has two cargo pipelines of 16 diametres.
“Currently, the way the operations in the downstream work is that you have these large vessels which are unable to go to the port because the water channel is not deep enough for them to berth where the storage terminals are. What typically happens is that those mother vessels sit at the anchorage and wait there where daughter vessels are taken to them. A typical mother vessel has between 80-100 million litres capacity, while a daughter vessel does 15-20 million litres.
“For a mother vessel, the shuttle vessel would need to do a minimum of four voyages, and each takes an average of eight days to do one voyage. What we did was to observe these multiple handlings in operations, and designed facilities that disrupt those sub-optimisation and inefficiencies.Jamb Result
“So, the SPM, and CBM allow one to take the mother vessel in an open sea and discharge from that point to an offshore terminal storage using the subsea pipelines in just two days,” he said.
