FG approves licence for first hybrid crude export terminal

By Ibiyemi Mathew

The Federal Government has licensed its first Hybrid Crude Export Terminal with eight million barrels storage capacity.

The license was presented on behalf of the Federal Government by the Nigerian Mainstream and Downstream Petroleum Regulatory Authority, (NMDPRA) to the Chief Executive Officer of Belema Oil Producing Limited, Mr Tein Jack-Rich on Tuesday in Abuja.

The CEO of NMDPRA, Farouk Ahmed at the presentation of the license reiterated the Federal Government’s commitment to the ease of doing business in Nigeria.

The NMDPRA boss explained that except in accordance with the appropriate license by the Authority, no company or entity has the right to engage in any exploration activity in the country, except the two companies.

“In line with this, the authority has processed and hereby approved terminal establishment licenses to these two organisations. One is the NNPC Exploration and Production Limited with 2,179,704 barrels of crude oil terminal at OffShore Akwa Ibom State within the waters of the exclusive zone. The second is the Belema Sweet Export Terminal in Kula, Rivers State, with 2 million barrels of crude oil terminal.” He said.

Ahmed noted that with the presentation of the license to Belema Sweet Export Terminal, the indigenous oil company became the second to acquire such a license, the first being the Nigerian National Petroleum Corporation (NNPC) Exploration and Production Limited.