The Trade Union Congress (TUC) has advised the federal government to consider Joint Ventures option in the operation of the nation’s downstream stream sector of the nation’s oil and gas sector.
The TUC gave the suggestion at the end of its national executive council meeting which held in Benin last week where it stated that joint venture option may be the way out of the present problem with petroleum product supply in the country.
It also frowned at the differential in pump price of petroleum products in different parts of the country. “The Congress took exception to the arbitrary increases in the prices of petroleum products in some parts of the country as against the official price. All options that will make the commercial viability of refineries must be addressed.
On the proposal on joint venture agreement, the TUC explained that since it has been found successful and useful in the upstream sector, there is no harm trying it in the downstream. “The introduction of Joint Venture Agreement will be a suitable remedy in the downstream sector of the oil and gas“, it said adding that the option will help to stem the tide of instability, especially in the production arm. It alleged that the refining process is bedevilled with corruption, inefficiency and bureaucratic bottlenecks.
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