Tank Farm Owners Demand Incentives from Government

In order to further boost investments in the downstream of the oil and gas sector, owners of petroleum tank farms and jetties in Nigeria have appealed to the Federal Government to encourage indigenous operators in the downstream by way of providing incentives to them to boost investments.

In order to further boost investments in the downstream of the oil and gas sector, owners of petroleum tank farms and jetties in Nigeria have appealed to the Federal Government to encourage indigenous operators in the downstream by way of providing incentives to them to boost investments.
This appeal was made in Lagos last week by the President of the Jetty and Petroleum Tank Farm Owners of Nigeria (JEPTFON) Mr. Ifeanyi Uba when he accompanied visiting members of the House of Representatives Committee on Petroleum Resources (Downstream) on an inspection tour of petroleum facilities in Lagos.
Mr Uba who is also the Managing Director of the largest indigenous oil company in Nigeria; the Capital Oil Industries Limited stressed the necessity of more investments in the petroleum sector, noting that the government should give incentives to operators to boost their zeal for investments through worthwhile policies.
Uba also called for the full deregulation of the petroleum sector, saying that, “it is the only policy that could give operators the required firm environment to operate in the downstream sector”
Corroborating, the Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Mr. Dakuku Peterside who also spoke during the inspection tour said that the high level of competencies being exhibited by private firms in the petroleum sector is quite impressive and has attendant benefits for the nation.
Peterside commented that the sector holds the key to effective harnessing and utilization of the nation’s petroleum resources for the overall economic growth.
He however gave an assurance that his team would ensure that Nigerians received the best service in terms of petroleum products pricing and quality that is  comparable to other oil rich nations of the world.
According to him, the committee would also address the issue of safety in all ramifications in the industry with a view to ensuring that the nation operated within the ambit of international best practices.