The Federal government through the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed plans to unveil 6 regulations on midstream and downstream operations to bring clarity, improve business processes and ease of doing business in the sector.
The Authority Chief Executive (ACE), NMDPRA, Farouk Ahmed made this known in statement issued by the Authority in Abuja on Sunday.
According to Ahmed, the regulations would cover Gas Pricing, Environmental Management Plan, Environmental Remediation Fund, Decommissioning and Abandonment, Gas Infrastructure Fund and Natural Gas Pipeline Tariff.
He said, “One of our key concerns is boosting local refining. Dangote and BUA refineries are coming on board; however, we want to see more companies investing in refineries so we can stop the importation of refined petroleum products, save our foreign earnings, create jobs and add value to the economy.”
Ahmed who was quoted to have hosted members of the Independent Petroleum Producers Group (IPPG) in Abuja, informed that a team has been set up to review the draft regulations, engage and consult stakeholders for smooth implementation when released.
Read also: Four downstream firms pay income tax of N2.5 bn in Q1
The NMDPRA Boss noted and commended the gradual growth of indigenous players in local exploration and production of petroleum products.
He however pledged the Authority’s commitment in making the business climate in the midstream and downstream conducive for local and foreign investment to thrive
In his remark, the IPPG Chairman, Abdulrazaq Isa noting that the IPPG was an association of 25 indigenous Exploration and Production (E&P) companies, said that the group has a mandate to promote the continued development of the Nigerian Petroleum Industry for the benefit of industry stakeholders and the nation.
Isa noted that timely communication with industry players was important at this time that the Authority is going through a transition period.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
