Nigeria though the sixth largest exporter of crude oil in the world, remains one of the largest importers of refined petroleum product in Africa, consuming about 1.2 billion liters in 40 days due to vandalization of oil distribution pipeline and the poor state of our local refinery in the country has greatly affected the capacity of the local industry to meet the demands of consumers in terms of refined petroleum product like AGO, PMS and DPK.
In order to receive, store and re-distribute these products to the end users, tank farms are required to take the product from the vessel from there offshore position into the tank farms for temporary storage through pipes. These facilities are very good for companies buying products like AGO,PMS and DPK from offshore ,the facilities are well equipped to handle large volume of product pending when loading is done on trucks and tankers.
The oil and gas market in Nigeria is large, expanding and sustainable and the provision of tank farm services is one of the lucrative aspects of the industry.
Statistics have it that there are over six thousand {6,000} independent petroleum products marketers and six {6} major marketers of distributing and marketing petroleum products across the country, with each requiring haulage services.
Nigeria currently consumes an estimated sixty million {60,000,000} liters of refined petroleum products {PMS, DPK and AGO} per day and with population of over one hundred and sixty five million {165,000,000} people, growing at the rate of about 2.7% per annum with an estimated economic growth rate of 5.7% in the past five {5} years, the market for refined petroleum products in Nigeria, is established, growing and sustainable and by effect the market for haulage services.
The provision of petroleum storage services cost as much as between N3 – N5 /liter per month. The investor can choose to build the tank farm from scratch or acquire the property from owners though this option is very rare. The investor can also lease the facility for a long period of time from the owners.
Some of these facility builders took loans from bank and are seeking for interested buyers willing to purchase the facilities from them so that they can clear-up there bank loan and make some profit in the process.
The facility are usually valued based on there location, storage capacity and the size of the land the facility is sitting on.
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Report Title: PRE-FEASIBILITY ON PETROLEUM TANK FARM IN NIGERIA
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