The Federal government has signed shareholders agreement on construction of Brass Petroleum products Terminal Limited ( BPPT) to help curb illegal refining and stabilise products pricing in the Niger Delta region.
Chief Timipre Sylva, Minister of state for petroleum Resources at ceremony, on Friday, in Abuja said that the project would help to sanitise the system in the region.
The shareholders in the BPPT are the Nigerian National Petroleum Corporation( NNPC), Nigeria Content Development and Monitoring Board (NCDMB) and ZED Energy Limited.
The BPPT when completed will help close infrastructure gap in distribution of petroleum products and also stop illegal refining activities taking place in some parts of the Niger Delta.
The terminal will also serve as a strategic reserve for the country and is expected to provide a depot for a 50 million litre facility, two way product jetty, automated storage and automated bay for AGO, PMS, DPK and ATK.
” Today is my happiest day as a minister because of the successful Nigeria International Petroleum summit and this happening now is an indication that we are driving our aspiration.
” This agreement has scored Mr president so high because nobody has impacted the oil sector more than he has done.
“Apart from approving this agreement, the president also approved building of Oloibiri museum which is moving at a high speed.
” Construction of this depot in the Niger Delta is a big milestone as the people in the riverine areas buy petroleum products five times the price other people purchase it, “he said.
According to him, Floot8ing stations were built to service the riverine areas but the depots or terminals to service them were never built over the years.
“This project will assuage the problems of the Niger Delta and will curb illegal refining Occassioned by lack of access to thr product.
” With this happening, , we will have products at the same rate as anywhere, ” he added.
He commended the effort of President Muhammadu Buhari in ensuring the development in the Niger Delta region with approval to build this terminal, Brass Fertiliser plant, Gas top company among others.
” We.can only say thank you Mr President, ” he said.
In his remarks, the Group Managing Director of the NNPC Mele Kyari said that the corporation was happy that the project would finally come on board.
” This should have happened 30 years back but we are proud that it is finally coming up. location of a depot offshore is a clear business case.
” We will deliver the project, building jetty and depot does not take too long. our partners and we, will deliver the project and put it in place.
” We will be held responsible by the Minister and all stakeholders, so we will put pressure in operation to make sure it is delivered, ” he said.
Also, the Executive Secretary Nigeria Content Development Monitoring Board ( NCDMB) Mr Simbi Wabote commended the NAPIMS for inter – ministerial collaboration to get to the stage of signing the agreement.
He said that team did an impressive work and urged all stakeholder to continue with the tempo until the project was delivered.
“The board members will continue to help drive this project, we will demand for performance and accountability, “he said.
He said that the project was expected to create jobs and help stop illegal refining in the region
He urged all partners to ensure that the project was delivered within the time frame.
Also, the Managing Director ZED Energy Limited Mr John Dankori thanked the Federal government for given them the opportunity to be part of the project.
Represented by Mr Onesi Obende, he assured that his company would do all required by them to ensure the project was delivered within the time frame.
Earlier, in his presentation, the Managing Director of NAPIMS, Mr Bala Wunti said 40 per cent of onshore oil was produced from Bayelsa.
He said that NAPIMS was happy to be part of the project and had done everything within its power to get to this stage.
He said that the cost estimate before the taking of Final Investment Decision was N10. 5 billion adding that the fund would come from partners.
He noted that the project wss expected to be delivered by 2023 adding that it would bring a lot of benefit to the region.
He said that the depot when completed would be unique as it would have dual services for land and marine truck loading.
” This is something great, we are honored that we are chosen as instrument to implement this project,” he said.