President Goodluck Jonathan has directed that a $500 million oil and gas investment project be relocated from LADOL Free Trade Zone (FTZ) in Lagos to Agga in Bayelsa State, The Nation learnt yesterday.
\nThe project is a partnership between LADOL Integrated Logistics Enterprise and Samsung Heavy Industries, Korea.
\nThe two companies are to build fabrication and integration yards for Egina Floating Production Storage and Offloading (FPSO) facility for the use of local and foreign-owned oil companies.
\nThe multi-million dollar project is in phases, and billed to be completed in the next five years.
\nThe project is said to have reached an \u201cadvanced stage\u201d before Jonathan issued a directive that it should be relocated.
\nThe directive, contained in two letters dated April 27, was signed by Mr A.B Mohammed, a general manager with the Nigerian Ports Authority (NPA).
\nMohammed signed the letters on behalf of the NPA Managing Director, Sanusi Ado Bayero, who is believed to be a stakeholder in Intel, an oil and gas logistics firm in Rivers State\u2013 an allegation he has denied in newspaper advertorials.
\nThe letters read: \u201cPleased be informed that Mr President has vide PRES\/99\/MT\/2\/22 of April 20 approved the FPSO project be relocated to Agga in Bayelsa State when the facilities to handle such operations are developed.
\n\u201cIn addition, the project can be conveniently located at any designated oil and gas terminal. Please be informed that Mr President has approved, henceforth, all oil and gas related cargoes must be handled only\u00a0 in the designated terminals in Onne, Warri and Calabar Ports.
\nThe letters added:\u00a0 \u201cIn view of this, vessels coming to Nigeria with oil and gas related cargoes, excluding petroleum products, are advised to first go to the appropriate concessioned terminals to be cleared by Customs and other relevant authorities, terminal operators and shipping firms.\u201d
\nThe Managing Director, LADOL Integrated Logistics Enterprise, Dr Amy Jayesinmi, said the timing of the letters was wrong.
\nShe said the directive was ill-conceived, and capable of destroying the gains made by the partners in the project.
\nShe said the directive to relocate the project to Bayelsa was part of efforts to destroy the potential local operators who are bent on deepening their participation in the oil and gas sector.
\nShe said the letter was diversionary in content, advising stakeholders not to allow their attention to be distracted.
\nMrs. Jayesinmi said efforts were being made by oil and gas operators to build one of the biggest floating vessels in the world,\u00a0 as well as making Nigeria the oil and gas hub in West Africa, adding that nothing would frustrate that efforts.
\nShe added: \u201cWe got the two letters the same day: a day after the appointment of the new MD of NPA. I want to make it clear that we (LADOL) do not have problems with NPA because they are using our facility.
\n\u201cNPA has an office in LADOL Free Trade Zone. NPA had severally said LADOL is the largest private investor in its facility. By the end of 2017, LADOL would have invested $500million in NPA facility. Technically, it is not appropriate for the project to be relocated to Bayelsa, the President\u2019s home state.\u2019\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"
President Goodluck Jonathan has directed that a $500 million oil and gas investment project be relocated from LADOL Free Trade Zone (FTZ) in Lagos to Agga in Bayelsa State, The…<\/p>\n","protected":false},"author":1,"featured_media":37307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-38603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n