Sunday , 18 March 2018

Snake Island IFZ invests $500m in oil

Snake Island
Determined to support development of Nigeria’s oil and gas sector, the management of Snake Island Integrated Free Zone (SIIFZ) has made investment in excess of $500 million.
The investment was intended to develop a unique, fully integrated oil and gas facility on the Island.
The SIIFZ is the first privately owned, funded and operated Free Zone in the country boosting of critical oil and gas services which include, Turnkey solutions,  fabrication, ship repair and maintenance, supply and logistics and warehousing.
Others include aviation and marine services as well as industrial training for the oil and gas sector.
Speaking when he received the Comptroller General (CG) of the Nigerian Customs Service (NCS) Hameed Alli, Group Executive Chairman of the SIIFZ, Anwar Jarmakani lamented that monopoly in the oil and gas sector logistics and supply services is discouraging private investment.

Jarmakani said that any. Country that is desirous to grow its economy must do away with monopoly to engender competition, fairness and transparency.
He said monopoly adds extra cost of $3-$5 per barrel produced in the country which translates to over $1.5 billion per annum.

While he expressed confidence in the leadership of President Muhammadu Buhari, he called on the NCS to support the transparency drive of the administration.
In his response, the CG of the NCS Hameed Alli, promised to review the operations of the service to ensure it complies with extant laws and where it breaches any of the policies of government a reversal will be enforced.
Alli assured that the service will support private investments targeted at building a strong economy and create jobs for Nigerians.

He expressed joy over the huge investment and the number of Nigerians currently being employed and promised to advise the presidency to look into the complaints made.





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