Fidelity Bank Supports Pinnacle to Ease Petroleum Products Distribution Nationwide

Kayode Tokede

As part of its efforts towards facilitating the distribution of petroleum products across the country and in support of the federal government’s reforms in the nation’s oil industry, leading financial institution, Fidelity Bank Plc, recently joined President Muhammadu Buhari and a host of dignitaries to commission the Pinnacle Oil and Gas in Lagos.

Situated in the Lekki free trade zone in Lagos, the intake, offtake and storage facility is designed to enable the efficient distribution of imported petroleum products, trigger significant savings in the costs of products at the pump and ultimately improve energy security in the country.

The newly commissioned terminal, which is valued at over $1billion, was financed by a consortium of Nigerian banks led by Fidelity Bank.

Commenting on Fidelity Bank’s support for the project, its Managing Director/CEO, Mrs. Nneka Onyeali-Ikpe, said, “Energy security and reduction of business operating costs are two challenges we take seriously in Fidelity Bank as we seek ways of helping businesses run profitably.

“With the commissioning of this facility, there would be a marked improvement in the downstream sector of the Nigerian economy around petroleum products distribution and reduction in energy costs for businesses across the country.

“The Board and Management of Fidelity Bank congratulate Mr. President, His Excellency Muhammadu Buhari, the Group Chief Executive Officer of Pinnacle Oil and Gas Ltd and our amiable customer, Mr. Peter Mbah; and indeed, all Nigerians on this epoch-making event.”

In his remarks, the chief host at the event and Group Chief Executive Officer of Pinnacle Oil and Gas Ltd, Mr Peter Mbah explained that the company was already in talks with the Dangote Group as regards partnerships that can complement the operations of the nearby Dangote Refinery which would soon resume operations with a view of pioneering what he termed “Africa’s largest energy logistics hub”.

“Vessels arriving at this facility would have the opportunity to anchor at either of our two offshore berths. They can berth at our Conventional Buoy Mooring, which is in 17 metres of water depth and can handle vessels of up to 120 million litres.

“They can also berth at our Single Point Mooring, which is in about 23 metres of water depth and can handle vessel sizes of up to 200 million litres. These moorings are connected to our storage facilities by four networked pipelines of 40km total length.

“These pipe networks are designed to empty the vessels in a maximum of two days, a significant improvement on the previous duration of up to 30 days. The facility is designed to permit rapid discharge into trucks for evacuation at a rate of up to 20 million litres per day,” divulged Mbah.