Lagos signs oil trading MoU with Petrolex group

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The Lagos state government in a bid to ensure stability and availability of petroleum products in the state has signed a memorandum of understanding with an Petrolex Oil and Gas.

The signing of a bulk product trading and storage agreement with Petrolex Oil and Gas is aimed at ensuring product security through the deregularization of the downstream petroleum sector as well as fixing the supply chain to ensure sustained production and availability of petroleum products to power the economy of the state.

The agreement is following recent reforms by the state ministry of energy and mineral resources to provide energy security in the state in which the downstream petroleum sector is one of the three major areas.

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