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...
By Favour Ifeoluwa & Akinola Ajibade
Minister of State Petroleum Resources (Gas) , Ekperico Ekpo says promotion and collaboration among stakeholders in the nation's oil and gas industry is inevitable, if the sector would achieve meaningful growth.
He spoke as a guest at the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Eko Le Meridan Hotel, Lagos.
According to him, the event is significant for the sector especially at a period when energy transition and security is at the top of the minds of stakeholders of the industry. “Let me start by expressing my deepest appreciation to the organizers of this conference for continuously promoting ideas and collaboration among African oil and gas players. In Nigeria, gas is not just a transition fuel but it is strategic to achieving a more secured energy future and as a catalyst for other national development goals.”
Expo explained further that the Ministry of Petroleum Resources has identified finance and Investment in infrastructure as critical to the development of the Gas sector. As part of the tools to address this problem, the Midstream and Downstream Gas Infrastructure Fund was put in place to enable Government make equity investment in Gas Infrastructure.
“As we gather to harness ideas to develop our energy sector, let us not forget the various incentives put in place by the Government to encourage the Gas Sector development. These include 3 years tax waivers for Companies that build and operate gas pipelines, and could be extended to 5 years at the satisfaction of the Ministry of Petroleum Resources, and recently Mr. President approved the zero duty and VAT for imported CNG and LNG.”
This is in addition to the existing tax waivers on imported Gas equipment. All these are geared towards deepening gas penetration in Nigeria. The responsibility of developing our energy resources does not depend on Government alone. It calls for collaboration, knowledge sharing, and commitment on the part of the private sector industry players too as Government makes the right policies and creates the enabling environment for businesses to thrive.
“As we anticipate the kick-start of critical infrastructure such as the AKK, and the expansion of the Lagos-Escravos pipeline to Morocco and further to Europe, we call for collaboration to support existing Government initiatives. There is a huge demand for Gas in Nigeria, and the sector is large enough to accommodate everyone. The Ministry of Petroleum Resources welcomes ideas and ventures that could assist us bridge the gap existing between demand for gas and the low level of development of our enormous natural gas reserves.”
The Minister reiterated the readiness of the government and Ministry of Petroleum Resources, in particular, to foster fruitful collaborations and partnerships that will aid achievement of the national goals for domestic gas utilization and export.
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