The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to raise its stake in Dangote Refinery from 7% to 45% to enhance product availability and meet local demands.
The President of PENGASSAN, Festus Osifo, while officially presenting the communique of the 2024 PENGASSAN Energy and labour Summit to the media in Lagos, emphasize that it would bolster energy security for Nigerians.
He 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.
Highlighting the poor condition of interland petroleum depots across the six geopolitical zones, Osifo called for government-private sector collaboration to repair these facilities, which are crucial for the efficient distribution of petroleum products 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.
The group also suggested implementing digital solutions to combat crude oil theft, revamping security measures, and simplifying business processes by reducing bureaucracies and complex regulations that deter gas investment.
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The president stated that individuals caught stealing crude oil should face harsh penalties from appropriate courts to deter others from committing similar offenses.
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.
PENGASSAN encouraged the Nigerian energy sector to leverage advancements in Artificial Intelligence to enhance productivity, tackle oil theft, and promote sustainability.
