An Oil and Gas marketing firm, Petrobridge Nigeria Ltd has secured a N9.3 billion contract from Oyo state government to supply 106 brand new buses for the mass transit scheme to ease the transportation problem in the state.
To ensure the smooth movement of the buses, the government has also approved the construction of two link roads around Akobo and junction improvement contracts in the Challenge area of Ibadan.
Petrobridge Nigeria Limited which has its corporate office at Ikoyi in Lagos is an indigenous company, whose area of trade is oil & gas marketing. Its business ethics is to provide gas oil, allied fuels and logistics services to corporate clients, manufacturing and industrial companies.
The Oyo State Commissioner for Information, Wasiu Olatubosun; his Budget and Planning counterpart, Adeniyi Farinto; and the Commissioner for Youth and Sports, Seun Fakorede disclosing at the end of the state cabinet meeting on Wednesday said the approval was in line with the government’s drive to transform the transport sector and improve the state’s economy through the same.
“A company, by the name Petrobridge Nigeria Ltd, has been identified as having the capacity and the capability to immediately supply 106 unit of buses to complement the transportation-related activities in Oyo State. And, to this end, it is worthy to note that there is an urgent need to purchase 106 units of brand-new buses to complement the fleet at the PTS and also to improve the mass-transit system in the state and, by extension, boost the economy of the state” said Fakorede in the statement signed by Taiwo Adisa, the Media aide to the Governor.
“Therefore, the council considered and approved the supply of 106 unit of brand-new buses at a total cost of N9,395,427,659.5 only, all taxes inclusive.”
Fakorede said that the 29th State Executive Council meeting approved the purchase of the buses at the cost of N9.3 Billion.
Transportation is a vital factor in the economic development of any nation and it is expected that the purchase of the buses would greatly assist the development of intra-city transportation in Ibadan and other parts of the state and also boost the economic development of the state.
The operations of the Bus Rapid Transit (BRT) scheme as a major means of public transportation has been widely accepted in some Nigerian cities over the years of which the Pacesetter Transit Scheme is a good example of the BRT system in Oyo State.
He said: “I wish now to state that the effort and the commitment of the present administration under the visionary leadership of Oluseyi Makinde, are revamping the agriculture sector in the state. So, it is imperative that the state provides adequate and effective means of transportation, of moving persons, goods, and services, which will have a multiplier effect on commerce and economic development of the state.”
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Similarly, the state’s Commissioner for Information, Culture and Tourism, Wasiu Olatubosun, also stated that the Council considered and approved the contract for the execution of the junction improvement works at Challenge Roundabout and Felele/Idi-Odo Junction to Messrs Planet Project Limited at the cost of N2,538,856,913.36.
He said that the project would ensure the installation of an intelligent transportation system, which, he said, includes intelligent traffic signals, traffic signal installation, traffic signs, anti-finger metal security fence and other infrastructural systems with control room and coordination traffic signal devices. According to him, the system would serve as a major catalyst for traffic solutions at the Challenge, Felele/Idi-Odo junctions.
The Commissioner for Budget and Economic Planning, Adeniyi Farinto, in his contribution, said that the Council granted approval for the rehabilitation and construction of two link roads at Akobo area of Ibadan at the cost of N69 million.
The project to be executed through Direct Labour by the Oyo State Transport and Road Management Agency (OYSTROMA), is expected to be completed within two months.
The two link roads include the one linking the Ojoo Expressway, beside the General Gas-Akobo Bridge, while the second link road is the one beside the NNPC Mega station. The two are to bring relief to road users that are facing traffic gridlock along the Akobo-Ojurin Federal Road.
Petrobridge has a subsidiary; West African Methanol -which was incorporated in the year 2005– It is a petrochemical firm set up for the purpose of producing up to 5,000MT of methanol per day. The plant is to be built at Olokola LNG.
Petrobridge, through its subsidiary, West African Methanol, has been able to tap essentially into the petrochemical industry.
Petrobridge in affiliation with its local and foreign partners has been involved in the trading and supply of quality refined petroleum products and crude oil.