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PENGASSAN urges FG to compel IOCs on domestic refining

PENGASSAN

The leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to make a policy that will compel the International Oil Companies (IOCs) to refine certain percentage of their crude production locally to boost domestic refining and reduce the burden of fuel subsidy payment.

Speaking to journalists on the state of the nation at the weekend, the national President of PENGASSAN, Comrade Ndukaku M. Ohaeri, argued it will definitely mark a new era in the oil and gas industry to the benefit of the nation and her people.

According to him, “We call for the inclusion of a clause that mandates International Oil Companies (IOCs) to refine certain percentage of their crude production in the country. This will definitely mark a new era in the oil and gas industry to the benefit of the nation and her people.

“Government should also look beyond politics and reconsider the passage of the Petroleum Industry Governance Bill (PIGB) as this bill will remove some of the barriers of efficiency, address loopholes of corruption and position the industry for greater competitiveness and productivity.”

Furthermore, he said while commending effort made by the government to harness gas flare through the Nigerian Gas Flare Commercialisation Programme (NGFCP) in reducing the nation’s carbon print in the atmosphere thereby resulting in ozone layer depletion and climate change, “we believe government should support several gas-to-power initiatives, domestic gas commercialisation as well as develop a legal and fiscal framework to develop the Non-Associated Gas (NAG).

“We believe significant investment should be made in the area of gas and we are particularly glad that the Final Investment Decision (FID) for NLNG Train 7 has been signed. We also need to start developing renewables, the emerging market in the energy sector so as to capture potentials and opportunities.”

PENGASSAN urges FG to compel IOCs on domestic refining
Tribune Online



source https://tribuneonlineng.com/pengassan-urges-fg-to-compel-iocs-on-domestic-refining/

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