The federal government has signed shareholders’ agreement on the construction of Brass Petroleum Products Terminal Limited (BPPT) to help curb illegal refining and stabilise products pricing in the Niger Delta region.
Minister of State for Petroleum Resources, Chief Timipre Sylva, 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 that 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 the 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, floating 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 occasioned by lack of access to the product.”
In his remarks, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, said that the corporation was happy that the project would finally come on board.
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 stakeholders to continue with the tempo until the project is delivered.
The managing director, ZED Energy Limited, Mr John Dankori, thanked the federal government for giving 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 is delivered within the time frame.
Earlier, in his presentation, the managing director of NAPIMS, Mr Bala Wunti, said 40 per cent of onshore oil is 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.