The Nigerian Association of Road Transport Owners (NARTO), has emphasized the need for the Petroleum Industry Bill(PIB) to provide adequate encouragement and incentives to IOCs and indigenous oil producers to invest in the refining sector of the oil and gas industry.
“We strongly believe that such incentives will help in bringing in the much-needed investments in domestic refining”,National President of NARTO, Yusuf Othman said .
He faulted the clause in the Petroleum Industry Bill,which restrict license to import refined petroleum products to a small number of local refiners,saying it would lead to inefficiency and corruption.
He noted that haulage sector has always suffered in terms of scarcity of products and limited access to loading locations.
Othman said: “We are seriously taken aback by the provision in the bill restricting importation license to only local refiners.”
He emphasized the need for cooperation to ensure that the PIB does not monopolies the importation of PMS as currently provided in the bill.
He explained that since the PIB is expected to ensure competition in the downstream oil and gas industry, provision to the contrary would make waste of all our collective efforts in that regard.
According to him, the composition of the board membership of the Industry regulator expected to be created by the new bill will be transparent and fair if the association is considered on the board.
He added:”There is no denying the fact that transporters play very pivotal roles in the effective and efficient distribution of petroleum products across the country and their experience and expertise can never be over emphasised. It is in the light of this that we call for our Inclusion in the boards of the industry regulator(s) most especially in the downstream sector of the industry as it will further strengthened in ensuring effective and efficient distribution of petroleum products across the nation.
“As the two Chambers of the National Assembly meet to harmonise their positions, we earnestly plead that these issues be taken on board as they would further enhance the possibility of harnessing the full benefits and potentials of the bill to enable it meet the yearnings and aspirations of Nigerians.
He pledged the group’s support for the bill, stressing the need to accord the document accelerated assent by the president.
550800cookie-checkRefining:NARTO Seeks Incentives For Oil Producers
