FG To Unveil Techno Oils LPG Terminal
The federal government has started paying dividends to Techno Lagos Oil Limited to create 2,000 jobs as it prepares to open an automated liquefied petroleum (LPG) terminal in Kirikiri Lagos.
On November 18, the building will be inaugurated by the Minister of State for Petroleum, Mr. Thimpre Silva.
Construction of the 8,400 metric ton gas terminal began in 2016.
The facility is the fifth terminal to be built in Lagos, Nigeria's economic hub and one of the country's leading oil and gas companies.
The Techno Oil terminal is a major investment in unlocking Nigeria's 187 trillion cubic feet of gas reserves, which are believed to be largely untapped.
During the year It was developed by Kakasa Nigeria Limited which in November 2016 signed a contract to build the terminal in collaboration with a foreign technical partner.
The project was financed by a consortium of banks. However, Techno Oil management did not spend on the project.
The managing director of Techno Gas and Power, Mr Collins Onyeama, told reporters in Lagos yesterday that the facility would facilitate the implementation of the Federal Government's LPG expansion project.
“The terminal will generate revenue for all levels of government through taxes and fees and, more importantly, create over 2,000 direct and indirect jobs for the general public in Nigeria,” he said.
According to Onyeama, a vessel called MT Pertusola said it unloaded OSO-Butane Bonny Terminal Rivers products at the terminal.
According to him, the facility will greatly help the government in its efforts to expand the LPG infrastructure, which he says is currently insufficient in Nigeria.
According to the executive director, the investments will greatly contribute to the reduction of gas prices in the country.
Techno Oil has confirmed that it has embarked on a project to promote LPG consumption in Nigeria, which currently stands at around 400,000 metric tons.
Techno Gas described the expansion of the facility as another milestone for the company after the company inaugurated its LPG production plant in June last year, together with its vice president, Prof. By Yemi Onbajo.
The CEO hoped that the availability of cooking gas would discourage Nigerians from using wood, kerosene and other fossil fuels for cooking.
He said Nigeria had over 170 million people, but the country had less than 1 million households that used gas for cooking.
According to him, Nigeria continues to have the lowest per capita LPG consumption among Sub-Saharan African countries, while Ghana currently consumes 3.0 kg and Ghana 1.1 kg.
Techno Oil opened its doors 21 years ago as a downstream company marketing iso-blended lubricants before expanding into other oil and gas fields.
