Domestic Gas Price to Crash As Investors Build 124,500 Tons Storage Facilities

Apparently rising to the challenge poised by the  government to be more actively involved in the move to make more use of domestic gas and make it available to more consumers, about six storage facilities are currently being constructed in different parts of the country.
Government has consistently assured that it has commenced moves to ensure that domestic consumption of liquefied petroleum gas (LPG) increases from the present mere 50,000 metric tons to at least 1Milion tons by year 2010.
Government’s determination was made public at a recent forum by the minister of state for petroleum, Odein Ajumogobia when he declared that “the government wants to go from 50,000 tons a year to one million ton
 Industry sources told Shipping Position Weekly that the installed capacity of the six storage facilities is about 124,500 tons.
Leading the pack is African Petroleum which is already adding a 15,000 tons capacity facility to its existing 8,000 metric tons facility in Lagos. Others which have been fingered include: Nitro Gas with a 25,000 metric tons holding capacity, NAFGAS’ 12,000-ton facilities in addition to existing 8,000 tons capacity and frontline petroleum products marketer; NIPCO which is constructing 4,500 tons. The three facilities are located in Lagos.
Similarly, while Ibeto Energy is constructing a 45,000 tons storage facility in Port Harcourt, Rivers State, Eterna Oil is also putting up a 15,000 tons facility in Akwa Ibom State