FG Gives Oil Businessman, Tein Jack-Rich License To Build Crude Oil Export Terminal

By Sola Omoniyi, Lagos

A Rivers State-born oil business tycoon, Tein Jack-Rich, has been awarded a license by the Nigerian government to establish a crude oil export terminal.

The license was issued to Belema Sweet Export Terminal LTD, a subsidiary of Belema Oil Producing LTD, owned by Tein Jack-Rich.

The license was given to Tein during a ceremony at Abuja by The Nigerian Mainstream and Downstream Petroleum Regulatory Authority.

Following the new license received by Belema Sweet Export, the company is now the second indigenous oil company to bag such authorisation.

Jack-Rich applauded the Federal Government for facilitating business operations in Nigeria, asserting that the event held at Abuja marked a great milestone for the nation.

He maintained that the terminal had what it takes to generate over $10 billion in revenue and export over 400,000 barrels of crude oil daily, and stored about 8 million barrels of crude.

However, he said the opportunity will create the job of over 100,000 for the Niger Delta region and Nigerians at large.