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Marketers to build 30,000 gas stations from foreign capital

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Oil marketers confirmed on Sunday that they have received the nod of domestic and international financiers to develop about 30,000 gas stations nationwide.

It was also gathered that many of the stations were currently being converted to start dispensing gas, following the decision of the Federal Government to deploy about 11,000 vehicles to run on Compressed Natural gas as part of plans to cushion the removal of fuel subsidies.

Providing updates on the move by marketers to build about 30,000 gas stations to cushion the effects of fuel subsidy removal, the National President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, told our correspondent that financiers of the project were responding positively.

In the letter to the Federal Ministry of Finance, the marketer also asked the Federal Government to make the Central Bank of Nigeria release the N250 billion intervention fund for the National Gas Expansion Programme as loans to vehicle owners to acquire gas conversion kits.

“Our partners, Gas Analytics & Solutions Ltd., have an agreement with the independent Petroleum Marketers Association of Nigeria to co-locate natural gas dispensers on our network of over 30,000 filling stations in Nigeria.

“This collaboration with IPMAN presents the most economic and expedient platform to deploy the necessary infrastructure to support a fast national roll-out of CNG (Compressed Natural Gas) for vehicles,” IPMAN explained in its letter.

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