Railway Begins Petroleum Products Movement | Investors King
Connect with us

Economy

Railway Begins Petroleum Products Movement

Published

on

rail project- Investorsking
  • Railway Begins Petroleum Products Movement

The movement of petroleum products by rail would begin this week, the Lagos District Manager of the Nigerian Railway Corporation (NRC) Engr. Jerry Oche has said.

The NRC would flag off the new deal by moving diesel between Apapa to Dagbolu, in Osun State.

This is coming seven years after its partnership with Oando hit the rock following what Oche called operational differences.

For the past six years, the NRC, he said, had been meeting with Major Oil Marketers Association of Nigeria (MOMAN), and other strategic stakeholders to resume the movement of petroleum products by rail.

Oche who spoke with reporters, said he hoped with the resumption freighting petroleum products by rail, many firms that have indicated interest in taking advantage of the facilities would come on board.

He said: “I just concluded a discussion with a client this morning; we are supposed to commence movement of petroleum products specifically diesel for him by next week to Dagbolu in Osun State.

“We are trying to commence movement of petroleum products. We have stopped commercial services for some time. The one we are doing is for ourselves. We buy diesel which we take to our various depots. But this new deal is just coming up and we are excited about it.”

According to him, the NRC has 40 tank wagons each with capacity to take over 100,000 litres of petroleum products.

He said with a combined capacity of 1.2 million litres of products on the average, the NRC facilities could take about 60 petroleum tankers off the road.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Advertisement
Advertisement
Advertisement