The management of Petrolex mega Oil City on Saturday said that the completed first phase of the mega oil city in Ogun State would reduce the gridlock in Apapa by 60 per cent.
Segun Adebutu, the MD/CEO of the company who said this in a statement issued in Lagos, stated that the Petrolex group, a leading energy conglomerate in the country had begun moves to drastically reduce the gridlock, which had been a source of anxiety to various stakeholders.
“Apapa is known to be home to two of the nation’s busiest seaports, several tank farms and a number of big companies and business activities in the area are a big component of the national economy.
“However, despite its importance, the deplorable condition of Apapa has been a nightmare to port operators, commuters, motorists and the general public,’’ the statement said.
It said that the first phase of the state-of-the-art tank farm at mega oil city at Ibefun, Ogun State, would be inaugurated on Dec. 12.
The statement said that the project, worth millions of dollars, would not only decongest Apapa but would also be the first of its kind in sub-Saharan Africa’s energy landscape.
“Petrolex mega oil city is a legacy investment currently valued at over $330 million.
“The tank farm in the Oil City has the capacity to turnover 600,000 million litres of petroleum products every month.
“It will transform petroleum products storage and distribution in Nigeria, by catering for about 60 per cent of in-country needs.
“As a solutions-driven company, we are positioned to drive increased efficiency and consistent value creation across the West African downstream oil and gas value chain.
“This will be through our strategic investments and the delivery of superior quality products and services,’’ the statement said.
It said that the mega oil city had 30 loading gantries, residential quarters, an ultramodern health centre and a 4000-truck capacity trailer park with accommodation for drivers.
The statement said that the oil city would create over 10,000 new jobs, impact over 2 million lives, improve distribution of petroleum products by over 500 per cent and improve efficient delivery of products to retail markets.
