Following the issuance of licences for the establishment of two crude oil export terminals, capable of generating $11bn revenue annually for the country, there are strong hopes of early stability of the economy.
The Federal Government issued the licences through the Nigerian Midstream and Downstream Petroleum Regulatory Authority to Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited in Abuja. Speaking at the event in Abuja, the Chief Executive, NMDPRA, Farouk Ahmed, said the signing of the terminal establishment licences for the two crude export terminals would lead to the addition of more than four million barrels of oil capacity to Nigeria’s export storage. “Our activities today are pursuant to the provisions of the PIA (Petroleum Industry Act), which has stipulated new provisions for the establishment of new export terminals. “According to PIA Section 174(1) (a) ‘Except in accordance with an appropriate licence issued by the Authority, a person shall not undertake the following activities with respect to midstream petroleum liquids operations.
