Fuel Scarcity: C-River, Delta govs Inaugurate Fynefield’s N3bn Depot

Supply of Petroleum products in the country is
expected to receive a significant boost in the
next couple of days, with the inauguration, by
the Governors of Cross River and Delta states, of
Fynefield Petroleum FZE’s 40 million-litre
capacity ultra-modern petroleum products depot
located at the Calabar Free Trade Zone in Cross
River State, built at the cost of N3 billion.
The company, in a statement, yesterday,
disclosed that the facilities, which was built to
international standard, have a combined capacity
for 40.7 million litres of petroleum products, of
which petrol, also called Premium Motor Spirit
(PMS) is 20.41 million litres, while the storage
capacity for Dual Purpose Kerosene (DPK) or
simply called kerosene is 10.157 million litres
and that of Automotive Gas Oil (AGO) generally
called diesel is 10.164 million litres.
Ayade lauds promoters
Speaking at the commissioning of the depot,
Governor Ben Ayade of Cross River State
commended the promoters of Fynefield
Petroleum FZE for the huge investment which he
described as a significant milestone and a big
boost to the economic and social development of
Cross River State and Nigeria.
He said the facilities would provide direct and
indirect employment to tens of Nigerians as well
as enhance speedy distribution of products
across the country.
Ayade, while thanking Fynefield Petroleum FZE
management for choosing Cross River State as
the location for the 40-million litre capacity
petroleum products depot, said: “We are very
glad you chose to make this huge investment in
Calabar. We can assure you that it is a very
good decision.”
In his welcome speech, Managing Director,
Fynefield Petroleum FZE, Gabriel Ogbechie,
revealed that the depot was built to enrich the
distribution chain of petroleum products in the
country.
He said the depot will in addition to Cross River
State serve neighbouring states such as Akwa
Ibom, Abia, Imo, Taraba, Plateau and some other
states in the North-East as well as the Northern
part of the country.
He added that the investment which cost over
N3 billion was the company’s contribution to the
economic development of Cross River State in
particular and Nigeria at large.
“This facility will provide direct employment to
over 50 individuals and hundreds indirect jobs
because tank trucks will come to the facility from
all over the country to lift petroleum products,”
he stated.
Challenges in distribution of products
On challenges being experienced in the
distribution of products, Ogbechie said poor road
network was the most critical while urging both
the state and federal governments to urgently
attend to road infrastructure challenge especially
the Calabar-Ikot Ekpene road and Calabar-Ikom-
Ogoja road which links Cross River with the
Northern part of the country.
He also said due to the low draft of the Calabar
River channel, which is 6.4 meters; they have to
load 15,000 metric tonnes of products into
vessels as against the 30,000 tonnes capacity
thereby increasing operational cost. Okowa hails
project
In his goodwill message, Governor Ifeanyi Okowa
of Delta State applauded the project as a huge
investment, a source of employment for youths
as well as a boost to petroleum products
distribution in the South-South and some
Northern parts of the country.
Acknowledging the challenges faced by depot
operators in the area, the governor appealed to
his Cross River counterpart to look into the
areas of concern raised while assuring that he
was confident that Prof. Ayade appreciated the
importance of providing an enabling environment
for business to thrive.