In a bid to curb the illegal refining of oil in the country, the Federal Government has entered into a contract with shareholders to construct the Brass Petroleum Products Terminal Ltd (BPPT), a move that the government envisions would bring sanity to the refining space.
Announing this was the Minister of State for Petroleum Resources, Timipre Sylva, on Friday, in Abuja during the signing ceremony.
Timipre described the construction of the terminal, which would be located in the Niger Delta region, as “a big milestone” for residents of the area who have been purchasing oil products five times higher than in other areas.
The terminal would accomodate other facilities such as a two-way product jetty, a 50 million litre facility depot, among others.
The minister said, “Today is my happiest day as a minister because of the successful Nigeria International Petroleum summit and this happening now is an indication that we are driving our aspiration.
“This agreement has scored Mr. President so high because nobody has impacted the oil sector more than he has done.
“Apart from approving this agreement, the president also approved building of Oloibiri Museum, which is moving at a high speed.
“Construction of this depot in the Niger Delta is a big milestone as the people in the riverine areas buy petroleum products five times the price other people purchase it.
“This project will assuage the problems of the Niger Delta and will curb illegal refining occassioned by lack of access to the product.
“With this happening, we will have products at the same rate as anywhere.”