FG Grants Licence to First Hybrid Crude Export Terminal  

Emameh Gabriel in Abuja 

The federal government has awarded a licence for the establishment of Belema Sweet Export Terminal, the first of its kind in the world, with eight million barrels storage capacity.

With the grant of the licence, Nigeria has successfully acquired its first Hybrid Crude Export Terminal.

The licence was presented Monday on behalf of the federal government by the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Presenting the licence to the Chief Executive Officer (CEO) of Belema Oil Producing Limited, Mr. Tein Jack-Rich, the CEO of NMDPRA, Farouk Ahmed, expressed the federal government’s commitment to the ease of doing business in the country.

He explained that with the award of the licence to the company, the indigenous oil company becomes the second to acquire such a licence, the first being the Nigerian National Petroleum Corporation (NNPC) Exploration and Production Limited.

The NMDPRA boss further explained that except in accordance with the appropriate licence by the authority, no company or entity has the right to engage in any exploration activity in the country, except the two companies.

He said: ”In line with this, the authority has processed and hereby approved terminal establishment licences to these two organisations.

”One is the NNPC Exploration and Production Limited, with 2,179,704 barrels of crude oil terminal at Off Shore Akwa Ibom State within the waters of the exclusive zone.

”The second is the Belema Sweet Export Terminal in Kula, Rivers State, with 2 million barrels of crude oil terminal.”

He therefore called on investors to invest in the sector as the government was determined to ensure a business-friendly environment for them.

Speaking after the ceremony, Jack-Rich said the event marked a great milestone for the country, and an attestation to the great success story of President Bola Tinubu in less than two weeks of assuming office.

He said: ”With the establishment of Belema Sweet Crude Export Terminal, Nigeria now ranks number one in the world to establish a crude oil export terminal that is climate conscious, where traditional energy and renewable energy integration is operated through virtual power plant model. 

”This is in line with energy efficiency/sustainability to protect our ecosystem.

”This will also create over 100,000 jobs for families in the Niger Delta and Nigeria at large.”

Also speaking, Mr Modibbo Ahmed, who received the licence on behalf of the NNPC, said that Nigeria should expect the crude oil terminal in the next one to three months.