Nigeria’s largest oil marketing company, Pinnacle Oil & Gas Limited has said it is in the process of expanding its petroleum products storage capacity to 1 billion litres from the current 300 million litres.
The company said it has gotten the necessary regulatory approvals and has done the design for the project and now at the process of construction.
The petroleum marketing company has its storage facilities at the Lekki Free Trade Zone in Lagos.
The Chief Executive Officer of Pinnacle and Peoples Democratic Party governorship candidate in Enugu State, Mr. Peter Mbah, disclosed this in an exclusive chat with THISDAY, saying the company has the largest storage facility in the country and prides itself as the leader in the industry both in market share and volume of product storage.
“We started with a 300 million litre capacity which is poised to be increased to over a billion litre. That design is already done, the approval got, we are just in the process of implementation now,” Mbah said.
He said Pinnacle currently controls 23 per cent of the market share in the petroleum marketing industry in Nigeria with plans to increase it upon completion of its second subsea mooring facility.
Mbah said in a bid to eliminate a major operational challenge in the industry, which was multiple handling of cargoes, characterised with inefficiency in cost and time, through a disruptive innovation, the company in 2011, embarked on building an offshore mooring facility described as Single Point Mooring system (SPM) and the Conventional Point Mooring system (CPM).
The intake facility, according to him, is like a port in the middle of the sea, with a network of subsea pipeline of about 40km connecting to the terminal and the manifold end of the vessel. Mbah infomed that the company operationalised one of the mooring facilities, the CPM, in March 2021, 10 years after getting the first concession, adding that by September the same year, Pinnacle’s vision to become the market leaders by market share and volume became real.