Capital Oil and Gas Industries Limited has stated its readiness to commence development activities at Ibaka Seaport in Akwa Ibom without waiting for equity contribution from the State Government as soon as it enters into a Joint Venture Agreement with the State Government.

Mr. Ifeanyi Patrick Ubah, the Group Managing Director/Chief Executive Officer of Capital Oil and Gas Industries Limited stated this Tuesday when he and the management team of the company paid a courtesy visit on the Executive Governor of Akwa Ibom, Chief Godswill O. Akpabio in Governor’s Office, Uyo.

Ubah noted that unlike Apapa Wharf that measures about 11 feet deep, Ibaka Seaport has about 18 feet deep which is the deepest seawater in the country for jetties and berthing facilities to help the company in avoiding waste of time in offloading goods and payment of much demurrage.

Describing Akwa Ibom as the safest state in the troubled Niger Delta Region in the country for business and capable of attracting international investors, he harped on the need for Joint Venture Agreement with the State Government to enable the company move in and commence business at the seaport.

‘’Our mission is to introduce our company to Akwa Ibom State Government and to partner with the government in tapping its abundant natural resources because the state has the deepest seaport. We are encouraged to do business in this state because government has created the enabling environment for investors by providing dualised roads, flyovers and other social amenities’’, the Group Managing Director declared.

Ubah hinted that his company was incorporated in 2001 but the first phase of its ultra modern tank farm commissioned in 2007 is one of the leading indigenous oil marketers which is located in Apapa, Lagos and controlling 63 per cent shares in the Nigerian National Petroleum Corporation (NNPC).

He announced that his company would come with a consortium of companies such as Knoll and Hachfer Engineering Company Limited, TLD Ltd and DTV for the development of deep draft for waterways of Akwa Ibom State, linking international waterways, ensuring increased revenue for the state and generation of employment opportunities for the teeming youths.

Governor Akpabio commended the management team for the visit and for their readiness to do business in the state to uplift the living standards of the people. Akpabio disclosed that during his recent unscheduled visit to the company’s modern tank farm in Lagos, he was overwhelmed by their comprehensive equipment and jetties for storage and marketing of petroleum products.

‘’I want to assure you of my administration’s commitment to partner with your company. I look forward to seeing your company commission a tank farm and a jetty in the state in the next 15 months’’, the governor added.