The Nigerian National Petroleum Corporation (NNPC) would continue to offer unflinching supports to indigenous private investors in the nation’s Oil & Gas Industry.
Group Managing Director of the Corporation, Dr. Maikanti Baru, gave this assurance while speaking at the official commissioning of an ultra-modern 300 million-litre capacity tank farm built by a local private investor, Petrolex, at Ibefun, Ogun State.
“NNPC has taken the lead in supporting local players in both the upstream and downstream sub sector of the Petroleum Industry. We are therefore willing to support Petrolex in whatever way we can,” Baru stated.
According to the GMD, such support from NNPC signified the basis for achieving Government’s desire in maintaining a national strategic reserve to guarantee products availability across the country at all times.
He observed that in the wake of Nigeria’s growing population over the years, there arouse the need for a more sophisticated supply chain infrastructure capable of delivering energy products more effectively and efficiently, a goal fervently pursued by the Corporation.
“I am pleased to say that this vision is complimentary to NNPC’s mandate to ensure products availability and seamless transportation across Nigeria. It is a bold stride at complimenting Government’s effort,” Baru noted.
The GMD, who lauded Petrolex for its vision of establishing a 250, 000 barrels per day refinery close to the tank farm by 2020, said it was a wonderful dream that must be encouraged.
He stated that to ensure security of supply, NNPC had instituted the Direct Supply Direct Purchase (DSDP) scheme, upgraded its depots and ensured better security and integrity of the nation’s pipelines.
“So far, this administration has revived four (4) depots, commissioned additional tank farms at Mosimi depot to ensure effective products distribution and ease of life for the populace,” he said.
Earlier while commissioning the project, Vice President, Yemi Osinbajo said the tank farm would go a long way to ease petroleum products distribution bottlenecks in parts of the country.
According to the Vice President, the Federal Government considered industrialization as key to sustainable growth and development of the country, with its attendant promise of creating massive employment opportunities for teeming Nigerian youths.
Also speaking during the event, former President, Olusegun Obasanjo called on the public sector to join NNPC in supporting private investors to move Nigeria’s oil and gas industry forward.
In his remarks, Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, described the commissioning of the tank farm as a collective dream of all Nigerians towards securing the country’s energy future.
Welcoming dignitaries at the event, the Chairman/CEO of Petrolex, Mr. Segun Adebutu, said the project would provide over 10,000 new jobs; improve the throughput capacity for distribution of petroleum products by over 500% and decongest the Apapa & Ibafo traffic often occasioned by petroleum products tankers by about 60%.
The Liken of Ibefun, HRH, Oba Gideon Adetoye commended Petrolex Management for impacting on the community, assuring him of the people’s support towards the success of the project.
The Petrolex Mega City boasts of an ultra-modern tank farm that has 300m litre capacity, 30 loading gantries, 4,000 truck capacity park, 30,000 metric tonnes vessel, 16 barges and 8 tugboats.
The project also aims at delivering 350 petrol stations, 1.2bn litres capacity storage, a lube blending plant, a gas processing facility and a petrochemical plant by 2020.
July 9, 2025
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