Apparently concerned about the epileptic condition of the refineries in Nigeria, the House of Representatives Committee on Petroleum Downstream last week said that it has commenced the process of attracting foreign investors to build green field refineries in the Nigeria.
Chairman of the committee, Hon. Dakuku, Peterside who spoke with journalists in Abuja last week, the National Assembly is deeply worried by the fact that almost 10 years after the Federal Government granted 20 licenses to private investors, no single refinery had been built in the country.
Apparently concerned about the epileptic condition of the refineries in Nigeria, the House of Representatives Committee on Petroleum Downstream last week said that it has commenced the process of attracting foreign investors to build green field refineries in the Nigeria.
Chairman of the committee, Hon. Dakuku, Peterside who spoke with journalists in Abuja last week, the National Assembly is deeply worried by the fact that almost 10 years after the Federal Government granted 20 licenses to private investors, no single refinery had been built in the country.
Hon Dakuku said that “Nigeria is the only member of Organization of Petroleum Exporting Countries (OPEC) that imports 85 per cent of its domestic petroleum products needs and now we have reached a crisis level."
To stem the present situation, Peterside said his committee would be organizing the Nigerian Refining Capacity Summit in Uyo, Akwa Ibom State, on March 28-29, 2012, with over 500 participants expected worldwide.
He said, the summit will, among other things, identify issues militating against self-sufficiency in refining of petroleum products, find ways and means to create investment-friendly regulatory and legislative framework, proffer solutions to identified problems and serve as feed stock to the Petroleum Industry Bill.
Discussion about this post