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After being under lock and key for about three weeks for failing to comply with the instruction of the agency, the Department of Petroleum Regulation (DPR) has finally reopened the Ibeto tank farm located at the Ibafon axis of Apapa-Oshodi expressway in Lagos.
Shipping Position Daily gathered that three tanks within the Ibeto tank farm had been converted for the importation and storing of palm oil and vegetable oil.

After being under lock and key for about three weeks for failing to comply with the instruction of the agency, the Department of Petroleum Regulation (DPR) has finally reopened the Ibeto tank farm located at the Ibafon axis of Apapa-Oshodi expressway in Lagos.
Shipping Position Daily gathered that three tanks within the Ibeto tank farm had been converted for the importation and storing of palm oil and vegetable oil.
Our correspondent gathered that the tank farm which was reopened last week had been shut down after it failed to comply with DPR instruction not to load the vegetable oil and palm oil which were stored in its tank with the gantry it had used in loading petroleum product.
A source at the Ibeto tank farm confirmed that the depot had gone ahead to load the product with the petroleum gantry after using chemicals to purify and wash away all the petroleum products in it, an action which caused the DPR to seal up the depot for three weeks, thereby crippling other commercial activities.
Our source also confirmed that the three thanks of oil are owned originally by BUA group, and that the company is merely using the Ibeto tank farm as a storage facility.
Speaking with Shipping Position Daily correspondent, our source confirmed that “the palm oil and vegetable oil were imported from Malaysia, it belongs to the BUA company, but Ibeto have leased out their tanks out for storage of product so the company is using this place to distribute it” he said.
He also confirmed that the DPR has finally soft- pedaled on the issue after weeks of constant visitation to the tank farm, according to our source the matter has been resolved but the company is yet to start the distribution of petroleum product.
He recalled that the importation of the product has hitherto been placed under the import prohibition list during the Olusegun Obasanjo regime, but that it has since been lifted, even as he said that the product can last in the tanks for several months without being contaminated.