FG Approves Two Oil Export Terminal Licenses with a $11 billion Budget.

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The Federal Government granted and signed permits for the construction of two crude oil export terminals, which have the potential to bring in $11 billion in annual revenue for the nation.

Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited received the licenses through the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja.

Farouk Ahmed, the Chief Executive of NMDPRA, said during the occasion in Abuja that the addition of more than four million barrels of oil capacity to Nigeria’s export storage will result from the signing of the terminal establishment licences for the two crude export terminals.

Tien Jack-Rich, the President and Founder of Belema Oil Producing Limited, stated that the facilities will bring in over $11 billion yearly for Nigeria and pledged that Belema Oil would make every effort to secure its terminal ready within six months.

This terminal has the capacity to generate over $11bn to our national revenue every single year, and that’s 400,000 barrels of crude every single day,” he stated.


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