Fidelity Bank Plc, recently joined President Muhammadu Buhari and a host of dignitaries to commission the Pinnacle Oil and Gas Terminal in Lekki, Lagos as part
of efforts towards facilitating the distribution of petroleum products in Nigeria, and in support of the federal government’s reforms in the nation’s oil industry.
A statement by Goodluck Nathan, a team member of Fidelity Bank’s Brand and Communications Division,explained that the newly commissioned terminal, which is valued at over $1billion, was financed by a consortium of Nigerian banks led by Fidelity Bank Plc.
Speaking on Fidelity Bank’s support for the project, its Managing Director/Chief Executive Officer (CEO), Mrs. Nneka Onyeali-Ikpe, said, “Energy security and reduction of business operating costs are two challenges we take seriously in Fidelity Bank as we seek ways of helping businesses run profitably. With the commissioning of this facility, there would be a marked improvement in the downstream sector of the Nigerian economy around petroleum products distribution and reduction in energy costs for businesses across the country.
“The Board and Management of Fidelity Bank congratulate Mr. President, His Excellency Mohammadu Buhari, the Group Chief Executive Officer of Pinnacle Oil and Gas Ltd and our amiable customer, Mr. Peter Mbah; and indeed, all Nigerians on this epoch-making event.”
In his remarks, the Group Chief Executive Officer of Pinnacle Oil and Gas Limited, Mr Peter Mbah explained that the company was already in talks with the Dangote Group as regards partnerships that can complement the operations of the nearby Dangote Refinery which would soon resume operations with a view of pioneering what he termed “Africa’s largest energy logistics hub”.
“Vessels arriving at this facility would have the opportunity to anchor at either of our two offshore berths. They can berth at our Conventional Buoy Mooring, which is in 17 metres of water depth and can handle vessels of up to 120 million litres. They can also berth at our Single Point Mooring, which is in about 23 metres of water depth and can handle vessel sizes of up to 200 million litres.
“These moorings are connected to our storage facilities by four networked pipelines of 40km total length. These pipe networks are designed to empty the vessels in a maximum of two days, a significant improvement on the previous duration of up to 30 days. The facility is designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day,” Mbah said.