PENGASSAN advocates NLNG model for resuscitation of refineries
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has advocated the application of the Nigeria Liquefied Natural Gas (NLNG) ownership and operating model to resuscitate the nation’s refineries.
The oil workers maintained that it is one of the best ways to maximize the country’s national assets. They argued that the lack of significant investment in the oil and gas industry continued to limit the overall contribution of the sector to economic growth and development.
Addressing a press conference yesterday on critical issues that have affected the yearning and aspiration of workers in the sector and nation at large, the President of PENGASSAN, Ndukaku Ohaeri, noted that the success story of NLNG needed to be replicated with other government-owned assets such as the country’s four ailing refineries.
The resuscitation of the nation’s refineries, the PENGASSAN boss noted, would create more jobs, reduce the burden of importing refined petroleum products and add value to the national economy, as well as save some foreign exchange.
The NLNG backed by the NLNG Act, is owned by four shareholders, namely, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corporation (NNPC) with 49 per cent stake; Shell, 25.6 per cent stake; Total Gaz Electricite Holdings France, 15 per cent stake and Eni with about 10.4 per cent stake.
Ohaeri mentioned that these oil firms with the 51 per cent stake in NLNG are good in what they do, as they are core business people, who bring in quality expertise and the right model required for the refineries to succeed.
Additionally, the oil workers called on government to look beyond politics and reconsider the passage of the Petroleum Industry Governance Bill (PIGB).The bill, according to them would remove some of the barriers of efficiency, address loopholes of corruption and position the industry for greater competitiveness and productivity.To mark new era in the oil and gas sector to the benefit of the nation at large, they also called for the inclusion of a clause that mandates International Oil Companies (IOCs) to refine certain percentage of their crude production in- country.