Fynefield Petroleum FZE has officially commissioned a state-of-the-art N3 billion ($15 million) petroleum product depot at the Calabar Free Trade Zone, Cross River State. The facility, which meets international standards, boasts a total storage capacity of 40,734,724 litres, including 20,413,594 litres for Petrol (PMS), 10,157,073 litres for Kerosene (DPK), and 10,164,057 litres for Diesel (AGO).
At the commissioning ceremony, Cross River State Governor, Professor Ben Ayade, hailed the investment as a major milestone for both the state and the nation’s economy, emphasizing its potential to create jobs and improve fuel distribution across the country.
“We are very glad you chose to make this huge investment in Calabar. We can assure you that it is a very good decision,” Ayade said.
Gabriel Ogbechie, Managing Director of Fynefield Petroleum FZE, stated that the depot was designed to strengthen Nigeria’s petroleum distribution network, particularly in Cross River, Akwa Ibom, Abia, Imo, Taraba, Plateau, and parts of the North-East and Northern regions.
“This investment, which cost over N3 billion ($15 million), is our contribution to the Nigerian economy. The facility will provide direct employment to over fifty individuals and hundreds more indirectly, as tanker trucks will come from all over the country to lift petroleum products,” Ogbechie said.
Challenges Facing Petroleum Distribution
Ogbechie highlighted key challenges affecting petroleum distribution in the region, particularly poor road networks and the shallow draft of the Calabar River channel.
“The Calabar-Ikot Ekpene road and the Calabar-Ikom-Ogoja road, which are crucial routes for transporting petroleum products to the North, need urgent improvements. We urge the state and federal governments to address this,” he said.
He also noted that the Calabar River’s draft of 6.4 meters prevents fully loaded vessels from berthing safely, forcing operators to load only 15,000 metric tonnes into vessels designed for 30,000 metric tonnes.
Government’s Response
Governor Ayade assured investors that his administration is actively working on solutions.
“The 240-kilometer highway from Calabar to Ogoja will soon commence, as the contract has already been signed,” he announced.
Regarding the Calabar River draft issue, Ayade disclosed that a special task force has been set up to dredge the channel, ensuring that modern vessels can berth within 18 months.
Delta State Governor Ifeanyi Okowa, who also attended the event, commended Ogbechie’s investment, calling it a game-changer for the South-South and Northern petroleum supply chain.
With this new 40-million-litre oil depot, Fynefield Petroleum FZE has positioned itself as a major player in Nigeria’s energy sector, strengthening supply routes and economic opportunities in the region.
