Port Notel Ltd. (PNL), an indigenous port development firm, has said that the proposed ocean terminal project in the Atlantic Ocean, off Ibeno coastline, was technically and economically feasible.
Managing Director of PNL, Victor Akpanika, said in Yenagoa that the firm had successfully concluded a report on the terminal.
He said that 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) Ltd. in partnership with Port Consultants Rotterdam B.V. and CDR International, Netherlands and submitted to the Board of Port Notel Ltd. 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 that 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).