How Tein Jack-Rich Export Terminal Will Create 100,000 Jobs For Nigerians

Nigerian oil mogul, Tein Jack-Rich recently received a license from the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA)  to establish a crude export terminal. 

The export terminal which will be built by Jack-Rich Belema Sweet Export Terminal Ltd will generate over $11 billion in revenue. It will also export over 400,000 barrels of crude daily with a storage point that could store eight million barrels of crude. 

Speaking further about the capacity of the terminal, Jack-Rich said, “Basically, the terminal will create over 100,000 jobs for people of the Niger Delta and Nigerians at large, and Nigeria will benefit through revenue earnings when operational.” 

Tein Jack-Rich and NNPCL to begin export terminal

The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) have awarded the first set of licenses to government-owned Nigerian National Petroleum Corporation (NNPCL) Exploration and Production Limited and Jack-Rich Belema Sweet Export Terminal during a ceremony in Abuja.

According to reports, the NNPCL Exploration and Production Ltd. will operate the Utapate Export Terminal, located in Akwa Ibom State. At the same time, Belema Sweet Export Terminal Ltd’s terminal will be situated in Rivers State in Nigeria’s oil-rich South-South region. 

The license enables one to establish, construct or operate a terminal or other facility for the export or importation of crude oil or petroleum products.

During the ceremony, Jack-Rich stated that the establishment of the Belema Sweet Crude Export Terminal would position Nigeria as the global leader in establishing a climate-conscious crude oil export terminal with integrated renewable energy through a virtual power plant model. 

He also commended the Federal Government for facilitating business operations in Nigeria, noting that the event marked a great milestone for the country. 

What you need to know about Jack-Rich

Jack-Rich who founded Belemaoil Producing Limited attended Panola College Cartage in the United States. He also studied petroleum production technology, business administration, and business management at Usam University.

His firm is one of Nigeria’s leading indigenous oil exploration and production companies. Jack-Rich who declared interest in Nigeria’s highest political office last year, promised to create 26,000 jobs in every local council in his first year in office.

Jack-Rich was reportedly orphaned at the age of 10, but, with a dint of hard work, became a prominent entrepreneur and philanthropist.