One of Nigeria’s leading players in the down stream sector of the oil and gas industry, Oando PLC has commenced work on the construction of a refined petroleum products import terminal, at the Lekki Free Trade Zone (LFTZ) in Lagos State.
The expansive terminal is expected to be completed by the third quarter of 2009, whilst the entire project is expected to be commissioned in the first quarter of 2012.
According to a statement issued in Lagos by the company and made available to Shipping Position Weekly, the 210,000 metric tonne capacity terminal is fashioned out to be the best-in-class and the largest purpose built product terminal in sub-Saharan Africa dispatching over 500 trucks per day in what is set to revolutionise petroleum products distribution in Nigeria.
Apparently exited by the prospects of the project, the Chief Executive Officer of Oando Refinery and Terminals Mr. Ayo Ajose-Adeogun, remarked that “it will have a direct impact on the downstream sector as it will radically reduce the traffic to Apapa port, which was originally built to handle only 10% of Nigeria ’s energy import requirement as against the 90% it does today. It will also increase Major Marketers’ throughput by bridging the huge supply gap.
“The Lekki Terminal Project will have a Single Point Mooring (SPM) facility located about 7km offshore, which will support the berthing of 80,000 deadweight tonnage (dwt) vessels for the first time in West Africa, thereby significantly providing unprecedented cost efficiencies,” he added.
Also speaking in the same vein, the Group Chief Executive, Oando PLC Mr. Wale Tinubu, added that the “project will be the benchmark for product reception terminals in sub-Saharan Africa that will once again attest to our superior execution capabilities. We project strong early cash flow that will provide immediate shareholder value and the financial platform for the development of our ultra-modern refinery in the same location.”