THE Federal Government has presented a license for the establishment of Belema Sweet Export Terminal, the first of its kind in the world. With the grant of the license, Nigeria has successfully acquired its first Hybrid Crude Export Terminal, with eight million barrels storage capacity.
The license was presented on behalf of the Federal Government by the Nigerian Mainstream and Downstream Petroleum Regulatory Authority, NMDPRA, yesterday in Abuja.
The CEO of NMDPRA, Mr. Farouk Ahmed, re-emphasised the Federal Government’s commitment to the ease of doing business in Nigeria while presenting the license to Mr Tein Jack-Rich, the Chief Executive Officer of Belema Oil Producing Limited.
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Mr Ahmed noted that with the presentation of the license to Belema Sweet Export Terminal, the indigenous oil company became 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 license by the Authority, no company or entity had the right to engage in any exploration activity in the country, except the two companies.
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