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NRC Ready to Lift Petroleum Products From Apapa

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  • NRC Ready to Lift Petroleum Products From Apapa

The Nigerian Railway Corporation (NRC) has restated its readiness to lift petroleum products, especially diesel, by tank wagons.

It said the 40 pressurised tank wagons of 45,000 litres capacity each, had been purchased by the Corporation with the intention of moving petroleum products across the country at a cheaper, faster and safer ways. The corporation has tank wagons that can take 1.8 million litres of fuel, with each gang, of 20 tank wagons taking 900,000 litres.

Its Director of Operations, Mr Niyi Alli, told reporters in his office that the biggest challenge to lifting petroleum products by rail is the unpreparedness of industry operators to move their products by rail.

“The industry, the tank farm owners need to make up their mind to patronise the railway. We have the capacity and reliability to meet the demands of the industry if and when they are ready to patronise the corporation,” he said.

He also debunked speculations that the wagons have been rotting away since their purchase five years ago. He said the wagons are used regularly to deliver its diesel needs across the country, adding that they are parked at the Ebute Metta Work yard, in front of the Railway Police Command in order to assure its safety and security from vandals.

He said: “Since we took delivery of the wagons, we have demonstrated that we have the capacity to lift liquid cargoes, especially petroleum products, as we have been using the tank wagons to move our diesel needs across the country. Our customers are beginning to see that it is cheaper to move this commodity round the country by rail.”

He said freighting fuel by railway is at least 30 per cent cheaper than using articulated petroleum tankers.

He said though the memorandum of understanding (MoU) with the Major Oil Marketers Association of Nigeria (MOMAN), has not materialised, the corporation has signed MoU with a number of private operators and lifting of products may begin by November.

“We are still discussing with a number of the oil operators and gradually, they are beginning to see the beauty of moving the product by rail,” he said.

He said the corporation has rail siding into the five major oil tank farms in Apapa, adding that what needed to be done was for all the operators, especially those that have no such facilities to enter into agreements with those with presence on how they could use their tank farms to load for onward shipment to other parts of the country by rail.

He said the corporation has not been lifting petrol because it is more combustible and requires more security precautions to be taken to ensure safety.

“Unlike freighting of other products and even diesel, which is less combustive, petrol needed much more precautionary strategies. Operators needed to have more massive tank farm facilities to warehouse the product and be ready to lay the sidings on which the wagon would use to access the tank farms for loading and off loading of the products,” he said.

He said the pressure by the Lagos State government to address the congestion on its roads, especially around Apapa is again driving attention back to the corporation. “If any operator approaches us that they need the wagons to lift their product, and support infrastructure are in place, we would make our wagons available,” he promised.

Alli said already, the corporation has sealed an agreement with a tank farm owner in Minna to lift three million litres of petroleum products. “If we have such demands we can build our facility just to prove our readiness to increase our share He said to lift petroleum product, our customers must be ready to invest in ensuring the safety of the product because the corporation would not be involved in loading and offloading of products from its tank wagons.

Addressing the challenges experienced by passengers on the Abuja – Kaduna Standard gauge railway, Alli said the perceived shortcomings would soon be over, as the federal government has ordered more locomotives and coaches to improve services along the route.

“What we have been using to power the route until now are construction locomotives. We have been using only one rig to run that route seven days a week all through the last one year. The Federal Government has taken delivery of two locomotives and these would be put into use in the next two weeks. About seven coaches are also already on their way to the country from China. When these arrive, our services along the area would significantly improve our reliability and availability, and most of the problems occasioned by inadequate coach services would be reduced,” Alli said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Seplat Energy Unveils Ambitious Drilling Program for 2024, Aims for 13 New Wells

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seplate to announce financial results on July 29, 2020

Seplat Energy, one of Nigeria’s prominent energy companies, has set its sights on an ambitious drilling program for 2024, with plans to deliver 13 new oil and gas wells across its operated and non-operated assets.

This announcement comes as part of the company’s unaudited results for the first quarter ending March 31, 2024.

The breakdown of the new wells reveals a strategic focus, with 11 dedicated to oil production and 2 aimed at gas production.

Seplat Energy highlights the successful commencement of its drilling program by delivering one well, Ovhor21, in the first quarter of 2024.

Also, two wells, Okporhuru-9 and Sapele-37, which were initiated towards the end of 2023, have been completed.

Both Okporhuru-9 and Sapele-37 have yielded promising results. Okporhuru-9 has discovered multiple hydrocarbon-bearing intervals in deeper formations, while Sapele-37 encountered hydrocarbons in deeper reservoirs, along with proving up a northern extension to the Sapele field.

Seplat Energy is now conducting further technical analysis to assess the commercial potential of these discoveries and the wider implications for OML 41.

Looking ahead, Seplat Energy is committed to delivering the remaining 12 wells on the 2024 drilling plan.

Three wells, namely Ovhor-22, Sapele-38, and OBEN KIKB-02, are expected to be completed during the second quarter, with the aim of supporting production volumes later in the year.

Roger Brown, the Chief Executive Officer of Seplat Energy, expressed optimism about the discoveries, emphasizing the promising initial results and highlighting the quality of Nigeria’s geological resources.

He also acknowledged the progressive actions taken by President Tinubu and industry regulators to support the energy sector.

Furthermore, Seplat Energy has made strides in enhancing its operational efficiency and shareholder value.

The company has released the applicable exchange rate for determining its final and special dividend payout to shareholders who opt to receive their dividends in naira.

With an exchange rate of N1,309.88 per $1, shareholders can expect clarity and transparency in dividend payments.

Seplat Energy’s ambitious drilling program underscores its commitment to driving growth and innovation in Nigeria’s energy landscape while maintaining a strong focus on operational excellence and value creation for stakeholders.

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APM Terminals in Talks with Government for Terminal Upgrade in Apapa

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apapa

APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal.

Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes.

The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities.

Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effectively.

“While greenfield terminals like Lekki and later on Badagry would support economic growth in the long run, the more urgent requirement is in our view to upgrade the existing port infrastructure,” Svendsen commented.

The proposed upgrades seek to facilitate smoother operations, providing seamless connectivity through road, rail, and barge networks to mainline shipping.

Svendsen highlighted the unique position of the Apapa port in offering access to international markets for Nigerian importers and exporters, leveraging not only road but also rail and waterways, utilizing barges.

APM Terminals has been a pivotal player in Nigeria’s maritime sector for close to two decades. The company’s commitment to the nation’s economic growth is underscored by its proposed investment of over $500 million, subject to a long-term partnership with the government.

The Apapa terminal is a vital gateway for trade, handling a significant portion of Nigeria’s container traffic.

Furthermore, APM Terminals’ operations in Lagos and Onne collectively manage about half of the containers in Nigeria, demonstrating their pivotal role in the country’s logistics landscape.

The proposed upgrades signify APM Terminals’ dedication to supporting Nigeria’s economic reforms and attracting international investments.

The company has already invested over $600 million since its inception in Nigeria in 2006, directly employing approximately 2,500 Nigerians and indirectly contributing to employment for about 65,000 individuals.

“At APM Terminals, we believe strongly in the prospects for the Nigerian economy and the long-term opportunities that the current economic reforms and invitation for international investments will generate,” Svendsen affirmed.

As talks between APM Terminals and the government progress, stakeholders are optimistic about the positive impact of the proposed terminal upgrades on Nigeria’s maritime sector and overall economic development.

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Uber Rolls Out Flex Pay Feature: Daily Earnings for Nigerian Drivers

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Uber

Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings.

Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system.

The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager.

Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently.

With Flex Pay, drivers now have the flexibility to access their earnings directly through their mobile wallets on a daily basis.

This move is poised to bring about a host of benefits for drivers, offering them greater financial stability and control over their finances.

In addition to the introduction of Flex Pay, Uber also unveiled a set of new features designed to enhance the driver experience on the platform.

One such feature is the ability for drivers to see upfront details about a trip request, including the destination and expected fare.

This added transparency empowers drivers to make more informed decisions about which trips to accept, ultimately improving their overall experience on the platform.

Speaking about the new features, Akinwumi emphasized Uber’s commitment to prioritizing the needs and feedback of its driver-partners.

He highlighted the company’s ongoing efforts to innovate and develop solutions that enhance the driver experience and ensure their satisfaction with the platform.

“We are constantly listening to feedback from our driver-partners and striving to provide them with the tools and support they need to succeed,” said Akinwumi.

“The introduction of Flex Pay and other new features is a testament to our commitment to empowering our driver-partners and enhancing their experience on the Uber platform.”

The implementation of Flex Pay marks a significant milestone for Uber in Nigeria, demonstrating the company’s dedication to driving positive change and innovation in the ride-hailing industry.

As drivers begin to benefit from daily earnings and increased transparency, Uber is poised to strengthen its position as a leading provider of flexible earning opportunities in the country.

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