Author Topic: Govt Advised On How To End Fuel Scarcity  (Read 111 times)

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Govt Advised On How To End Fuel Scarcity
« on: December 18, 2017, 06:08:49 AM »
The Chairman, Integrated Oil and Gas Limited, Capt Emmanuel Iheanacho, has advised the Federal Government to allow more modular refineries to operate, alongside the existing ones  to finally end real and imaginary fuel scarcity.

Speaking against the backdrop of fuel scarcity in some parts of the country, Iheanacho said hitches over fuel supply between Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPMAN) would not have arisen were there many indigenous refiners and distributors of fuel.

In an interview with The Nation, Iheanacho said the nameplate of modular refineries could be expanded to accommodate between 50,000 and 100,000 barrels of oil per day (bpd) depending on their configurations, stressing that 100,000 bpd will produce millions of litres of fuel in the country.

According to him, this can only be achieved through government?s financial assistance to modular refineries? operators.

He urged the government to assist Integrated Oil and Gas with over $100million, in order to meet its target of producing 20,000bpd, through its modular refinery.

The assistance, Iheanacho said, should be in form of helping the firm and other operators to access facility from banks.

He urged the government to provide a policy framework that would compel financial institutions to provide funds to investors that intend to build modular refineries.

Iheanacho said: ?Financial support is one major area we need government?s help;  if government realises that there is need to have a lot of the small scale refineries to turn around the economy.

?We can now start exporting refined products than we are currently importing. Government should make provision for financing because it is key requirement to do 20,000 bpd.?

He said the decision by the Nigerian National Petroleum Corporation (NNPC) to continue to import fuel, is eating deep into the government?s money, stressing that modular and other refineries will fill that gap, when they operate optimally.

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Govt Advised On How To End Fuel Scarcity
« on: December 18, 2017, 06:08:49 AM »

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