Lagos — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has has called for adequate crude oil supply the local refineries.
The Association made the call as it applauded the recent licensing of 83 refineries by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
According to NMDPRA data, the 83 licensed refineries include eight with Licenses to Operate, LTO; 30 with Licenses to Construct, LTC; and 45 with Licenses to Establish, LTE.
PETROAN National President, Dr. Billy Gillis-Harry, made the call as he emphasized the need for dedicated crude oil supply to local refineries to ensure they remain operational and profitable.
“If these refineries must remain in business, adequate provision must be made for sufficient volume of crude oil to be set aside for them,” Gillis-Harry stated while speaking during his 65th birthday celebration in Abuja,
He listed two major benefits of supplying crude to local refineries to include increased domestic production and economic growth.
“It will reduce reliance on imported products and conserve foreign exchange. It will also create jobs and stimulate economic growth, as local refineries would be able to operate at optimal capacity and contribute significantly to Nigeria’s GDP,” the PETROAN national president said.
PETROAN also commended the Chief Executive of NMDPRA, Engr. Farouk Ahmed, for fostering transparency and innovation that has attracted private capital and revitalized regulatory trust.
“We commend Engr. Farouk Ahmed for the innovation and transparency his office is bringing, which has attracted investors and boosted confidence in the sector,” he added.
