The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian National Petroleum Corporation and ZED Energy Limited have signed shareholders agreement on the construction of N10.5 billion Brass Petroleum Products Terminal Limited (BPPT).
This project is to be located at Okpoama, Brass Local Government Area, Bayelsa State. NCDMB, which confirmed this, put the estimated cost of the project at N10.5 billion. NCDMB and NNPC own 30 per cent respectively while ZED Energy – a private 2rm holds 40 per cent and would operate the terminal upon completion.
The terminal will 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.
The terminal will serve as a strategic reserve for the country as it would hold up to 50 million litres of products. It will also serve as a twoway product jetty – land and marine trucks loading of automotive gas oil (AGO), premium motor spirit (PMS), dual purpose kerosene (DPK) and aviation turbine kerosene (ATK).
According to the promoters, the project would 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.
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.
Listing some of the landmark projects, notably the Oloibiri Museum and Research Center (OMRC), the Brass Fertiliser and Petrochemical Company Ltd (BFPCL), the Nigerian Oil and Gas Park, among others, the minister insisted that no former leader of the country had impacted the oil sector in the Niger Delta region more than President Buhari.
Sylva noted that residents of riverine areas had perpetually 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 refneries in the region to the non-availability legitimate alternatives and expressed hope that the Brass Petroleum Products Terminal Limited (BPPT) would solve some of the problems of the Niger Delta region.
The minister also commended the smooth collaboration between NCDMB, NNPC and ZED Energy on the project, hinting that such partnership was needed to move the Nigerian oil and gas industry forward.
SOURCE: newtelegraphng.com