Lagos - Oando Terminals Limited. on Wednesday said it had started constructing a jetty in Apapa to provide more efficient platform to deliver petroleum products to oil marketers.
The company said in a statement in Lagos issued by its spokesman, Johnson Azuara-Kelvin, that the jetty would serve oil marketers currently using Moman Jetty.
It said that work on the facility was nearing completion.
The statement said that the jetty would have a half-kilometre sub-sea pipeline and a 16-inch three-kilometre onshore pipe to deliver more than three million tonnes of petroleum products a year.
It said that the facility had been identified as “an immensely valuable asset in the Oando stable as it will allow 45 000 DWT vessels to berth and discharge their products without littering and demurrage”.
According to the statement, the cost saving across the industry will be in excess of about N18.6 billion per annum.
“Once operational, the sub-sea marina jetty will contribute significantly to Oando’s overall net profit as a result of tolling fees and substantial cost savings on imports and demurrage.”