The President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo has adviced Federal Government has tied general public shares in national refineries as no sensible individuals will join in destruction of such refineries.
Just as he called on Federal Government increase its stake in Dangote Refinery from 7% to 45% to enhance product availability and meet local demands.
The PENGASSAN helmsman who made the call while addressing Energy Correspondents and Labour Writers Association of Nigeria (LAWAN) in Lagos, Nigeria on Tuesday 24 September 2024, during which officially presented the communique of the 2024 PENGASSAN Energy and Labour Summit to the media, emphasized that it would bolster energy security for Nigerians.
Osifo called on the Federal Government to urgently repair the four national refineries and transfer majority share to the private sector. He recommended using the successful Nigerian Liquefied Natural Gas (NLNG) model as a blueprint for this initiative.
His belief is that transfer of majority shares in the four refineries to the general public would act as way to checkmate against sabotaging of such refineries.
He reiterating his call said the poor condition of interland petroleum depots across the six geopolitical zones with inclusion of private hands in government-private sector collaboration to repair these facilities, would go a long way for the efficient distribution of petroleum products, protection and enhancing national reserves.
PENGASSAN also advocated for the expansion of pipelines for delivering refined petroleum products nationwide, arguing that this would reduce the pressure put on the roads by trucks carrying the products.
He also suggested implementing digital solutions by use of AI to combat crude oil theft, revamping security measures, and simplifying business processes by reducing bureaucracies and complex regulations that deter gas investment.
Moreover he suggested for stiffer penalties for anyone caught stealing crude oil to act as deterrent.
He urged the government to enforce the provisions for host communities outlined in the Petroleum Industry Act, expressing concern that three years after the PIA’s passage, this section has yet to be implemented. The act mandates that oil companies contribute 3% of their operational revenue to the host community fund.
He urged the government to foster a business-friendly environment by providing incentives to attract more investors to the country’s abundant gas resources.`
