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Published On: Fri, Jul 18th, 2014

UBA Pensions office pays N3.5bn to PFAs account

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uba logoThe Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday urged the Federal Government to provide incentives to encourage investments in domestic gas projects.

Mr Chinedu Okoronkwo, the National President of IPMAN, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.

Okoronkwo said this was critical to developing the gas production industry so as to fuel the nation’s power sector reforms and other critical sectors needed for economic growth.

He called on the federal government to create positive incentives to encourage local and international investments in the entire gas value chain.

“The government should also explore opportunities in the gas sector, which could help improve the economy and boost employment in the country

“The benefits in gas exploration and production are enormous. With gas, we can create more jobs, build more infrastructure and schools, and improve the lives of the average Nigerian.

“Clear gas development policies can help boost the economy, power generation and improve the standard of living for Nigerians,’’ he said.

Speaking on the association’s plan, Okoronkwo said that IPMAN has commenced discussion with some investors to invest about 3 billion dollars into ultra modern refineries in Bayelsa and Kogi states.

He said that the investors are expected to commence the ground breaking this year.

According to him, when the refineries are completed it would reduce frequent exportation of crude oil and importation of refined products.

“In ensuring effective distribution of petroleum products across the country, we have planned to build ultra modern refineries in Bayelsa and Kogi states worth $ 3 billion (490 billion). “The refineries which is slated for ground breaking before the end of the year, is in collaboration with foreign investors.

“We are proposing to build two refineries in Nigeria, one in Bayelsa and Kogi to ease scarcity which is part of the present administration’s agenda. “We are in discussion with our foreign investor to commence work before July ending, while ground breaking is expected to commence in

fourth quarter of the year,’’ he said.

Okoronkwo said that the refineries would also enhance massive job creation where many Nigerian youths would be gainfully employed.

According to him, it is our belief that we should be part of the moving force to grow the economy.

“We are ready to commence the project and we hope to make it work,” he said. (NAN)

 

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