A Review of the Nigerian Energy Industry

Akpabio urges local refining of petroleum products

01 November 2012, Sweetcrude, UYO – GOVERNOR Godswill Akpabio of Akwa Ibom has called on the Federal Government to encourage local refining of petroleum products instead of depending on the importation of refined products.

Akpabio made the call in Uyo on Wednesday when the National Union of Petroleum and Natural Gas Workers, NUPENG, led by its President, Mr Igwe Achese, paid him a courtesy visit.

He argued that local refining of petroleum products would force down the pump price of the products in the country.

He said that giving subsidy to marketers to refine the products locally would create jobs for Nigerians.

He also canvassed approval for crude oil producing states to build and refine petroleum products to check capital flight by some foreign companies.

Akpabio said that building of refineries by states would encourage subsidiary companies in the oil industry that had left the country to return.

The governor, who lauded NUPENG for its plan to build tank farms in Akwa Ibom, commended officials of the union for maintaining peace and industrial harmony in the oil and gas sector.

Achese commended Akpabio for transforming the state, particularly his initiative to build an international stadium.

“We are convinced and amazed at the level of transformation in the state,” Achese said.

He told the governor that the executive members of the union and other institutions associated with gas and oil industry were in the state for a national workshop.

The NUPENG president urged the Federal Government to work out modalities to ensure uninterrupted supply of petroleum products across the country.

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  • We support Governor Akpabio’s call and urge him to canvass same at the next meeting of the Council of States where he can achieve a buy-in from other states and the federal government, with a view to putting in place a package of incentives and creating an environment conducive for the private sector to invest. It is such a shame that despite its huge crude oil reserve, Nigeria has become a net importer of petroleum products.

  • How can that be achieved if Akpabio can buy Jet worth $45m or $50m.