By Adaobi Rhema Oguejiofor
Masters Energy Oil and Gas Limited, an indigenous petroleum products marketing company, has embarked on an audacious project of about $500 million, which is equivalent to over N404 billion, for gas storage.
The project, which is in line with the federal government’s gas infrastructure development plan, includes the construction of a 20,000 metric tonnes (MT) gas storage in Port Harcourt, with over 200 gas refilling outlets, over 2000 retail gas exchange outlets, bulk distribution trucks for Liquified Petroleum Gas (LPG) transportation and a dedicated vessel for coastal operations.
The Group Managing Director (GMD), of Masters Energy Group, Patience Dappa, while speaking during a groundbreaking ceremony for the gas infrastructure projects in Port Harcourt, said that the company has an abiding faith in Nigeria and is fully dedicated to investing more in the country’s critical infrastructure.
Dappa, noted that the facility would provide job and create enormous ancillary businesses within the oil and gas eco-system for the country’s teeming population and contribute positively to the economic transformation of the host community and Nigeria at large.
In her own words, “the approval to carry out the project came just a few days ago, but as a testament to our readiness and commitment to this project, we are laying the foundation today. Masters Energy Oil and Gas Limited was incorporated in Nigeria in 2005 and we have since expanded and diversified to assume leading sites not only in the oil and gas sector, but in Power, Petrochemicals, Aviation, dredging and shore, Shipping and Marine businesses.
“Our corporate vision is to be the world’s bench-mark in the oil and gas industry, with a mission to deliver world-class services to our clients through sound management systems, innovation and technology; while ensuring adequate returns to our stakeholders. In line with these, we have remained a highly creative company that is desirous of delivering unmatched values for stakeholders and partners.
Dappa noted that the uniqueness of the project was that Masters Energy would be the first to combine household and industrial gas usage infrastructure.