Pinnacle Oil and Gas Limited, a foremost indigenous oil and gas company said it would build a $250 million Single Point Mooring (SPM) facility at the Lekki Free Zone.
This is contained in a joint memorandum of understanding (MoU) between the Nigerian oil and gas firm, the Lekki Free Trade Zone Company (LFTZC) Limited and the China Petroleum Technology and Development Corporation (CPTDC).

Speaking at the signing ceremony of the MoU in Lagos, Managing Director, Pinnacle Oil and Gas Limited, Mr. Peter Mbah said the undertaking of the $250 million SPM demonstrates the technical knowledge and financial strengths of the indigenous company.

According to him, the partnership with the CPTDC and LFTZC Limited would lead to the development of the Nigerian downstream sector as the free zone provided a more convenient alternative to loading of oil products.

He said the SPM facility at Lekki Free Zone would enable petroleum cargo vessels to anchor and discharge products via the network of undersea and onshore pipelines to respective tank farms.

Under the MoU, Pinnacle is expected to complete the $250 million SPM facility with over 11 kilometres of subsea and on shore pipeline network by December 2013 when many of the tank farms proposed for the Zone would have also been completed.

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