Supply of Petroleum products in the country is expected to receive a significant boost in the next couple of days, with the inauguration, by the Governors of Cross River and Delta states, of Fynefield Petroleum FZE’s 40 million-litre capacity ultra-modern petroleum products depot located at the Calabar Free Trade Zone in Cross River State, built at the cost of N3 billion.
The company, in a statement, yesterday, disclosed that the facilities, which was built to international standard, have a combined capacity for 40.7 million litres of petroleum products, of which petrol,
also called Premium Motor Spirit (PMS) is 20.41 million litres, while the storage capacity for Dual Purpose Kerosene (DPK) or simply called kerosene is 10.157 million litres and that of Automotive Gas Oil (AGO) generally called diesel is 10.164 million litres.
Ayade lauds promoters
Speaking at the commissioning of the depot, Governor Ben Ayade of Cross River State commended the promoters of Fynefield Petroleum FZE for the huge investment which he described as a significant milestone and a big boost to the economic and social development of Cross River State and Nigeria.
He said the facilities would provide direct and indirect employment to tens of Nigerians as well as enhance speedy distribution of products across the country.
Ayade, while thanking Fynefield Petroleum FZE management for choosing Cross River State as the location for the 40-million litre capacity petroleum products depot, said: “We are very glad you chose to make this huge investment in Calabar. We can assure you that it is a very good decision.”
In his welcome speech, Managing Director, Fynefield Petroleum FZE, Gabriel Ogbechie, revealed that the depot was built to enrich the distribution chain of petroleum products in the country.
He said the depot will in addition to Cross River State serve neighbouring states such as Akwa Ibom, Abia, Imo, Taraba, Plateau and some other states in the North-East as well as the Northern part of the country.
He added that the investment which cost over N3 billion was the company’s contribution to the economic development of Cross River State in particular and Nigeria at large.
“This facility will provide direct employment to over 50 individuals and hundreds indirect jobs because tank trucks will come to the facility from all over the country to lift petroleum products,” he stated.
Challenges in distribution of products
On challenges being experienced in the distribution of products, Ogbechie said poor road network was the most critical while urging both the state and federal governments to urgently attend to road infrastructure challenge especially the Calabar-Ikot Ekpene road and Calabar-Ikom-Ogoja road which links Cross River with the Northern part of the country.
He also said due to the low draft of the Calabar River channel, which is 6.4 meters; they have to load 15,000 metric tonnes of products into vessels as against the 30,000 tonnes capacity thereby increasing operational cost.
Okowa hails project
In his goodwill message, Governor Ifeanyi Okowa of Delta State applauded the project as a huge investment, a source of employment for youths as well as a boost to petroleum products distribution in the South-South and some Northern parts of the country.
Acknowledging the challenges faced by depot operators in the area, the governor appealed to his Cross River counterpart to look into the areas of concern raised while assuring that he was confident that Prof. Ayade appreciated the importance of providing an enabling environment for business to thrive.
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