Home » Nigerian oil tycoon Tein Jack-Rich awarded license to build crude oil export terminal

Nigerian oil tycoon Tein Jack-Rich awarded license to build crude oil export terminal

by Feyisayo Ajayi

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

The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) awarded the license to Belema during a ceremony in Abuja on Tuesday. Belema Sweet Export Terminal, a subsidiary of Belema Oil Producing, 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 in Nigeria’s oil-rich South-South region. 

They are the first set of licenses to establish crude oil terminals, sealed and granted by the NMDPRA. The license enables one to establish, construct or operate a terminal or other facility for the export or importation of crude oil or petroleum products.

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 had 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 eight million barrels of crude. 

“Basically, 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,” he said. 

He said the establishment of the Belema Sweet Crude Export Terminal would position Nigeria as the global leader in establishing a climate-conscious crude oil export terminal with integrated renewable energy through a virtual power plant model. 

Jack-Rich, 48, is the founder of Belemaoil Producing Limited, one of Nigeria’s leading indigenous oil exploration and production companies. He attended Panola College Cartage in the United States and studied petroleum production technology, business administration, and business management at Usam University.

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