Financial Energy Review
by Ben Ndubuwa…………..
The move by Nigerian to diversify her energy sources and reduce dependence on refined petroleum products particularly Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and HHK-kerosene has led the federal government to embark on various alternative energy development program .
This alternative energy development program has among other things given birth to the National Gas Expansion Program (NGEP) which the federal government through its Ministry of Petroleum Resources inaugurated in January this year.
The Major Oil Marketers Association of Nigeria (MOMAN) in its support of this government’s new energy strategy and diversification organised an online Seminar-webinar on CNG in collaboration with Oil Trading and Logistics (OTL) Africa Downstream and ARS Conference Services with key stakeholders in attendance.
The webinar reinforced the government’s commitment to the Gas deployment strategy, addressed issues around policy framework, infrastructure, sustainability, and usability.
The webinar analysised the imperative need to develop CNG, LPG and LNG as an alternative to petrol and other fuels This is said to be more critical, especially with the recovering crude oil prices and the rising demand of refined products as the winter approaches in Europe.
Other countries where Gas has been adopted and integrated as an alternative auto fuel were used as case studies and it was agreed that gas requires government support and interventions to take root.
The Stateholders at the online talkshow noted that the gas value chain is awash with opportunities for new investment, skills development, and enhancement of local public transportation infrastructure.
According to them, clear policy directives and legislative framework aimed at generating demand, as well as Customs duty and tax waivers are needed and fast tracked to jumpstart the sector and attract investment into the gas space.
On its contributions MOMAN supported the gas initiatives of the Federal Government of Nigeria. MOMAN said they are keying into the auto gas space to give Nigerians across the country a cleaner and greener alternative to power their automobiles, homes and other equipment. “The idea of deepening the use of gas comes at a very auspicious time as we grapple with increasing PMS prices due to the deregulation of the petroleum downstream sector” MOMAN said.
MOMAN further noted that with new policies on alternative energy, the total deregulation and liberalization of the petroleum downstream sector and the coming on stream of new mega and modular refineries, Nigeria can quickly develop into the refining hub for West and Central Africa becoming a net exporter of refined products.
Following the well-attended webinar, the NGEP in association with MOMAN and DAPPMAN convened two stakeholders consultative meetings at Oriental Hotel in Lagos on the 3rd and 4th of September 2020 with MOMAN, DAPPMAN, Auto Gas stakeholders, Automobile assemblers and manufacturers, cylinder fabricators and engine converters in attendance, to further discuss challenges affecting the National Gas Policy and the Ministry of Petroleum Resources gas sector intervention programs. MOMAN Chairman Tunji Oyebanji gave a presentation on ‘Deepening the Use of LPG’
