How To End Perennial Fuel Scarcity-Oil And Gas Expert

(AFRICAN EXAMINER) – An oil and gas industry expert and Chief Executive officer of Pinnacle Oil and Gas Limited, Peter Mba has said the perennial fuel scarcity in the country would be over when there is more investment in the downstream sector

Mba, who spoke during an interview with State House Correspondents after meeting President Muhammadu Buhari at the Presidential Villa, explained that until there is large number of investors in the downstream sector, Nigerians may have to grapple with many problems associated with fuel distribution across the country.

“We are indeed expecting that more investment in the downstream sub-sector would completely eliminate the sort of scarcity we are witnessing today:, Mba said

According to him some of his company has eased the congestion and the gridlock at the Apapa area in Lagos, reduced the cost of supply and delivery of petroleum products in different parts of the country and also created job opportunities for teeming unemployed Nigerians.

He stated that when the president inaugurated the storage terminal of Pinnacle oil and gas in October, last year, it was adjudged to be the largest storage terminal in West Africa, with offshore intake facilities

Mba added that it was also adjudged to be the deepest intake facility in the entire Africa, sitting at a water depth of 23 meters.

“We do have SPM and CBM. Those are the offshore facilities we have. Those facilities have the capability to in-take the largest vessels you can imagine and discharge over 100 million liters of clean petroleum products within 24 hours. This is typically what takes the industry 30 to 32 days to discharge”, he said