PIB awaiting cabinet approval – President Jonathan

03 July 2012, Sweetcrude, ABUJA – NIGERIA’s Petroleum Industry Bill (PIB) will be sent to lawmakers after approval by the cabinet, President Goodluck Jonathan’s office has said.

Jonathan has told relevant government ministries to evaluate the draft, prepared by a technical committee before presentation to the Cabinet, according to an e-mailed statement on Monday by the presidency in Abuja.

There are indications that the bill, which may be presented to parliament in two weeks, resolves all previous concerns raised by international producers, including fiscal terms and domestic gas pricing.

The bill was first sent to parliament in December 2008, but was not passed into law by the legislature at that time.

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