Oil
DPR threatens to withdraw licences of erring oil marketers
Gas station
The Department of Petroleum Resources (DPR) has said sanctions await all those oil marketers that engage in the adulteration of products as it said the licence of any one found culpable would be withdrawn.
Also those dealers that manipulate their pumps would not be spared from the long arm of the law if they are cut.
C.N. Njoku, DPR’s zonal operational controller, while speaking to oil marketers at the department’s meeting with retail outlets operations and stakeholders’ forum held in Lagos, said much as the department encourages the proliferation of filling stations or retail outlets, prospective owners must follow due process to obtain all requisite approval before commencement of any project as well as upgrade of existing facilities.
She said: “The DPR wishes to reiterate its advice and to remind that sanctions await operators that continue to manipulate their dispensing pumps and sell adulterated products”.
Product quality control, she said, is very important to ensure that the products received and distributed to the public meet the recommended specifications.
The DPR boss declared that it is unacceptable for retail outlets to purchase products from uncertified sellers who in most cases would be delivering substandard products to the marketers.
The department, she said, had received reports from unsuspecting public of how their vehicles or equipment began to malfunction shortly after purchasing from the filling stations.
To reduce the risk of fire, she told the operators to adhere strictly to various designs consideration/approval and requirement such as lay out, spacing distance requirements all of which are designed to out-rightly prevent, and also help limit fire damage in time of accident.
“As we approach the 4th quarter of the year, and the rains gradually going, we must not forget that the dry season exposes us to the risk of static electricity and general vulnerability of combustible materials”, she said.
Welcoming the stakeholders, George Osahon, director, DPR, frowned at the rate at which the pumps at filling stations are being tampered with in order to cheat customers, despite the constant warning against such acts.
He said: “This is very disappointing and it goes a long way to show that many operating companies no longer monitor the activities of their stations. The stations have been left at the mercy of dealers, station managers, and pump attendants and the companies are only interested in recouping their investments.”
The DPR director stated that the department would not renew the licence of substandard filling stations and those that are known to be contravening petroleum regulations at will.
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones
These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy
This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
I Make $40,000 Montly With Content Creation Says Blessing CEO
Senator Ifeanyi Ubah Laid To Rest In Nnewi Amidst Tight Security
Tinubu Moves To Transform Tragedy To Prosperity With Livestock Investment
Nicki Minaj Teams Up With Davido On ‘The Pink Print’ Anniversary
Simon Ekpa’s Arrest Will Restore Peace In South East, Says Enugu Gov’t
Wizkid’s “Morayo”: Critics, Fans Clash Over Album’s Quality
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
