Port Notel Limited (PNL), an indigenous port development firm, on Monday said the proposed ocean terminal project in the Atlantic Ocean, off Ibeno coastline, was technically and economically feasible.
Managing Director of PNL, Mr Victor Akpanika, said in Yenagoa that the firm had successfully concluded a report on the terminal.
He said following the submission of the report, the process of field development would take off as soon as all regulatory compliance formalities and approvals were obtained from relevant government agencies.
“The preliminary technical feasibility studies and market investigation reports that started in May 2014 on Port Notel Ocean Terminal project has been completed.
“The studies were done by CDR Engineering Consultancy (Nigeria) Limited in partnership with Port Consultants Rotterdam B.V. and CDR International, Netherlands and submitted to the Board of Port Notel Limited in Port Harcourt.
“Consequently, a law firm has been commissioned to undertake detailed legal and regulatory audit of the project to uncover all applicable laws and authorisation that are required for speedy commencement of technical field and site development activities,”Akpanika said.
According to him, Port Notel is designed to be Africa’s premier offshore regional port with a minimum draught of 17 metres, on an artificial island, off the Atlantic Coast of Ibeno Local Government Area of Akwa Ibom.
He said the facility was expected to deliver efficient, safe and secured services to the maritime community and to unlock Nigeria’s maritime potential through Public Private Partnership (PPP).
The managing director said the company would adopt a phased development aimed at reducing initial project cost, with ample flexibility for containers, steel products, dry bulk, liquid bulk cargoesincluding Liquefied Natural Gas.
Akpanika also mentioned general cargo, Roll On/Roll Off (RORO) and deep off shore logistics support base, among others.“There are significant growing interest from Europe, Middle East, Asia and U.S. by international development funding partners, foreign institutional investors and global terminal operators, seeking to partner with PNL for the port development,” he said.