Skip to main content

Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
Post a Comment

Fed Govt urged to improve importation of refinery equipment

By Akinola Ajibade

The Federal Government should invest more on quality infrastructures in orde to reduce importation of quality refinery equipment,which otherwise can be sourced locally, the President/Chief Executive officer, Dangote Group, Aliko Dangote has said. 

He spoke at the recent Nigerian Content Midstream – Downstream Oil and Gas Summit 2022,in Lagos recently.

He  noted that the development of specific, sustainable equipment manufacturing and services should be the focus of the Nigerian Content Delivery Monitoring Board(NCDMB and the Federal Government.


He added:“Funding of a project should be to ensure that substantial part of the product plant must be of Nigerian origin; the same applies to goods and services. Government should ensure a single digit tax regime to encourage investment in the downstream sector”.

Represented at the event by the Technical Consultant, Dangote Industries Limited, Engr. Babajide Soyode, Dangote said that the coming on stream of the 650,000 barrels-per-day Dangote Petroleum Refinery will guarantee availability of high quality environmentally compliant products in Nigeria, regional markets in West Africa, Southern Africa and inter-continental markets.

He also said Dangote Petroleum Refinery would promote competition of local refining in Africa by encouraging existing large refineries to upscale, which would result in surplus products for exports.

He stated: “Dangote Petroleum Refinery will guarantee adequate fuels production for domestic consumption, availability of excess products for export, stabilisation of domestic currency, upgrading and expansion of Nigerian National Petroleum Corporation refineries and promotion of prospects of Nigeria transformation to a regional refining hub.”

Speaking earlier, the Executive Secretary, NCDMB, Mr. Simbi Wabote reiterated the government’s target to increase domestic refining capacity to 1.4 million barrels per day in the next five years.

He explained that this was being done by rehabilitating the existing four national refineries and providing strategic support for setting up private-owned Greenfield and modular refineries in the country.

He said:“Combined refining capacity of more than 1.4mbpd is expected from these focus areas within the next five years. About 400,000bpd is expected from the rehabilitation of NNPC refineries in Port Harcourt, Warri, and Kaduna using target performance of not less than 90 per cent of nameplate capacity. The greenfield element of the roadmap covers the 650,000bpd Dangote Refinery in Lagos and the 200,000bpd BUA Refinery in Akwa Ibom”.

In his remarks, the Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, said there were huge opportunities in the oil and gas value chain.

Ahmed, represented by Mr. Francis Ogaree, Executive Director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, NMDPRA, said the authority would continue to enable business in the sector.

He noted that the enactment of the Petroleum Industry Act (PIA) had introduced a governance framework for the industry with clear delineation of roles between regulation and profit-centric business units.
Ahmed noted that the Act contained fiscal incentives to attract investment in gas development and local refining.

Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first C...
1 comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l...
Post a Comment
Read more

Axella Plans To Deepen Gas Utilisation in Nigeria

Axella' s Director of Business Development, Mr Franklin Imole By Favour  Ifeoluwa & Akinola Ajibade Axella's Gas Processing Plant announces Final Investment Decision ( FID) to develop a 50 MMASCF/D Gas Processing Plant, with h a view to deepen utilisation of gas  in the country. The firm, which is situated  in 0ML 56 in Delta State,  said that its making strategic investment in order to ensure that gas is available for industrial use in Nigeria. Situated in  Delta State, Southern Nigeria and billed to commence operation by the end of 2024, the facility, Axella' said, boasts of 12 MMSCF  Modular Plant with an interconnection pipeline network of about 4kilometres alongside other ancillary infrastructure. The facility, the company added, is expected to commence operation by the end of this year. Speaking on the plant ,  Axella's  Director of Business Development, Franklin Imole said: " As the Federal Government continues to pursue its...
Post a Comment
Read more