Daily Independent (Lagos)
Bassey Udo
17 November 2008
Capital Oil & Gas Industries Limited, a fast growing operator in the downstream sector of the nation's petroleum industry, says it has so far invested over N100billion in the development of basic facilities meant to help affective distribution of petroleum products in the country.
The company's Group Executive Director, MCK Ubah, who was interacting with journalists at the weekend in Lagos, said apart from the ultra-modern tank farm, the company has also invested in the development of a modern jetty and a parking area for trucks.
The jetty, he said, would help alleviate the suffering of stakeholders, who have had to depend on one jetty for the discharge of imported petroleum products into their tank farms, while the parking area would help check the problem of congestion and traffic jams always experienced along the Apapa-Oshodi Expressway around the various petroleum products tank farms located in the area.
The director, who was speaking on behalf of the Managing Director/Chief Executive, Ifeanyi Ubah, said: "Capital Oil is running an integrated filling station that handles all the major products PMS (premium motor spirit), DPK (dual purpose kerosene), AGO (automotive gas oil) and cooking gas.
"We are also developing a jetty that will help alleviate the sufferings of stakeholders, who have been having difficulties discharging theirpetroleum products into their tank farms. Before now, only the PPMC (Pipelines and Products Marketing Company) facility has been serving about 14 companies. The new facility to be commissioned before the end of this year, is capable of having about 8 smaller vessels berth at the same time to discharge products into the various tank farms in the Ibru jetty."
Speaking during the visit to the company's facility in Lagos by members of the Anambra State Executive Council led by the Governor, Peter Obi, Ubah said Capital Oil was determined to partner the government towards the development of the state.
"Governor Peter Obi was here in pursuant of his administration's Anambra Investment and Development Strategy (ANIDS) programme, aimed at mobilizing all Anambra citizens wherever they are, who are doing well in other parts of the country, to support his administration in its effort to better the lives of Anambra people.
"The governor is going into a strategic partnership with Anambra people to ensure that investment is brought closer to the people. Capital Oil is committed to supporting that progrmme. Already, the company has planning to establish its mini petroleum products depot in the state. The land has already been acquired.
"The government has assured of its support in whatever way is possible by way of lower rates of tariffs and taxes as well as other logistic support that the government can guarantee for any investor that is coming to the state. The government believes Capital Oil has the capacity to help move the state forward. Capital Oil is strategically involved in the development of Anambra state. We want to partner with the state administration in the development of the state to ensure that Anambra state moves forward from where it is today."
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