Financial Energy Review
………….by James Ikenna…………..
The Department of Petroleum Resources (DPR) has said it has not revoked any refinery license. The Department debunked the report that the licences of 32 refineries issued to private companies in Nigeria has been revoked.
DPR said its attention has been drawn to a report in some publications stating that DPR has revoked 32 refinery licences issued to private companies in Nigeria.
The Head Public Affairs of DPR Paul Osu said the Department wish to clarify that it did not revoke any refinery licence. “Refinery licence like our other regulatory instruments have validity periods for investors to attain certain milestones” Osu said.
According to him this implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone.
“This does not in any way translate to revocation of licence of the company” he said.
DPR said in line with it’s aspirations and that of government initiated the refinery revolution programme of government aimed at boosting local refining capacity by enabling business and creating new opportunities for investors with the granting of modular and conventional refinery licenses.
“DPR will continue to provide support to investors in the oil and gas industry in Nigeria using our regulatory instruments of licences, permits and approvals to stimulate the economy and align with governments job creation initiatives” he said.
