Ijaw Oil Tycoon, Tein Jack-Rich Awarded License to Build Crude Oil Export Terminal


Briga News Nigeria

The Nigerian government on Tuesday issued a license to Belema Sweet Export Terminal Ltd, a subsidiary of BelemaOil producing Ltd, owned by Rivers Born oil tycoon, Tein Jack-Rich, to establish a crude export terminal.

The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) awarded the license to, Tein Jack-Rich, during a ceremony in Abuja on Tuesday.

Belema Sweet Export Terminal, now becomes the second indigenous oil company to receive such authorization.

The first recipient was the government-owned Nigerian National Petroleum Corporation (NNPCL) Exploration and Production Limited. The NNPCL Exploration and Production Ltd was also awarded its license on Tuesday.

The NNPCL Exploration and Production Ltd. will operate the Utapate Export Terminal, located in Akwa Ibom State, while Belema Sweet Export Terminal Ltd’s terminal will be situated in Rivers State

During the ceremony, Jack-Rich lauded the Federal Government for facilitating business operations in Nigeria, noting that the event marked a great milestone for the country.

He said the terminal has the capacity to generate over $11 billion in revenue and export over 400,000 barrels of crude daily with a storage point that could store 8 million barrels of crude

He also said the terminal will create over 100,000 jobs for people of the Niger Delta and Nigerians at large, and Nigeria will benefit through revenue earnings when operational.



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