PNEWS
Home » Petroleum Importation: No Longer Exclusive To Dangote
Business

Petroleum Importation: No Longer Exclusive To Dangote

Petrol importation rights for holders of local refining licence to import petroleum products have been reversed, due to the signing into law of the petroleum industry act, PIA.                                                                                                                                                                                                                                        Vanguard news paper reports: Current holders of crude oil refining licences in Nigeria include Dangote Oil Refinery Company, Waltersmith Refining and Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery and Petrochemicals and Edo Refinery and Petrochemical Company Limited. It was learned that stakeholders in the oil and gas sector had raised concerns over the line in the Senate’s version of the PIB.

According to the upper chamber’s committee report on the PIA, the legislators had intended to limit the importation of petroleum products to local refining licence holders. This, however did not go down well with industry stakeholders.

Section 317 (8) of the senate version of the report noted that petrol importation licence will be restricted “only to companies with active local refining licences”. “The Authority shall apply the Backward Integration Policy in the downstream petroleum sector to encourage investment in local refining,” the senate version read. “To support this, licence to import any product shortfalls shall be assigned only to companies with active local refining licences. “Import volume to be allocated between participants based on their respective production in the preceding quarter.”

Related posts

San Fitness Center Unveils Latest, Unique Fitness Techniques.

Philip Atume

Miqlariel: The Best In Food, Catering Services Unveiled

Philip Atume

World Social Media Day: Impact On Society

Philip Atume

Leave a Comment

...bridging information gap