• April 17, 2021

FG Moves To Revitalize Oil Fabrication Yard in Lagos

(AGENDAWATCHDOG) – The Federal Government has announced that it is planning to help revive the multi-million-dollar oil fabrication yard in Lagos State which has been comatose since 2015, following a force majeure declared by an international oil company operating in the country

According to Senator Magnus Abe, a member of the board of Nigerian National Petroleum Corporation, during an inspection tour of the yard, an inter-ministerial committee had been set up to assess the facility and recommend ways to assist in reviving it.

READ ALSO: Gov Obiano Lauded By NASS Members For Anambra Cargo Airport

Abe, who is the chairman of the committee, noted that the facility was built by Kaztec Engineering in 2012 as part of contracts that were awarded to it by Addax Petroleum, an international oil company, which ran into some tax and audit issues with the Federal Government, following which it declared a force majeure on the contracts.

PROJECTED IMPACT: The facility, when fully operational, is projected to help generate income of $33bn over a 10-year period.

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