June 20, 2023 [New Telegraph]- The Federal Government has presented a licence to Belema Oil Producing Limited to establish the Belema Sweet Export Terminal, the first Hybrid Crude Export Terminal in the world with eight million barrels of storage capacity.

The terminals are expected to operate within the provisions of the conditions of the licences as contained in the document.

The Chief Executive Officer (CEO) of Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed who presented the licence to the CEO of Belema Oil Producing Limited, Mr Tein Jack-Rich on Tuesday in Abuja, reiterated the Federal Government’s commitment to the ease of doing business in Nigeria and urged investors to invest in the sector.

According to him, Belema Sweet Export Terminal an indigenous oil company becomes the second to acquire such a license, the first being the Nigerian National Petroleum Corporation (NNPC) Exploration and Production Limited.

The NMDPRA boss explained that except in accordance with the appropriate licence by the Authority, no company or entity had the right to engage in any exploration activity in the country, except the two companies, even as he stressed that no entity had the right to operate, establish a terminal or other facilities for export or importation of crude oil or petroleum products.

He said: ”In line with this, the authority has processed and hereby approved terminal establishment licenses to these two organisations.

”One is the NNPC Exploration and Production Limited, with 2,179,704 barrels of the crude oil terminal at Off Shore Akwa Ibom State within the waters of the exclusive zone.

”The second is the Belema Sweet Export Terminal in Kula, Rivers State, with 2 million barrels of crude oil terminal.”

CEO of Belema Oil Producing Limited, Mr Tein Jack-Rich, said the event marked a great milestone for the country, and attestation to the great success story of President Bola Tinubu, in less than two weeks of assuming office.

”With the establishment of Belema Sweet Crude Export Terminal, Nigeria now ranks number one in the world to establish a crude oil Export Terminal that is climate-conscious, where traditional energy and renewable energy integration is operated through a virtual power plant model.

”This is in line with energy efficiency/sustainability to protect our ecosystem. This will also create over 100,000 jobs for families in the Niger Delta and Nigeria at large.

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