NAPE urges FG to invest in refineries to mitigate price shock

 Stories by Anayo Korie / Ag Energy Editor

 

NigerIa has been advised to be self sufficent in the production and  consumption of Petroleum products as part of the measures  to mitigate   the shock arising from the sharp drop in oil prices .All blend of crude oil have slumped  down  from $100 to below $85 per barrel in the international market  at the beginning of the fourth quarter of this year.

The President of National Asssociation of Petrloeum Explorationist (NAPE), Mrs  Adedoja Ojelabi who gave the advise in Lagos over the weekend during the unveiling of 2014 NAPE conference and exhibition, said  Nigeria is a consuming nation of all brands of imported fuel.

According  to Adedoja,  Nigeria  as a matter of urgency  should invest in the building of new refineries as one of the strategies to mitigate shock  and to produce fuel that will meet national  demand ,while export the surplus to international market. She noted that the initiative would enable the nation save the money used to import fuel and plough it back to develop other sectors of the economy.

She attributed the self sufficiency of United States in oil demand due to the discovery and the development of Shale gas, the low energy demand from China as some of the reasons responsible for drop in oil prices ,adding that oil prices have been stable for three years.

Speaking on the conference with the theme:  “The Future of Hydrocarbon Exploration: Drilling Deeper ,Searching Wider’’ which will hold in Lagos from 9-13 November this year, she said that the conference and exhibition will deliberate on the ways to drive  an executable gas flare-out  agenda for Nigeria’s  oil and gas  as well as examine the effectiveness  in the exercise of polices to drive growth in the oil and gas industry so as to come out with blueprint for the  overall development of the oil and gas sector.

President-Elect of the group, Mr Chiwendu Edoziem who also spoke at the event  said  that NAPE 2014 conference and exhibition will witness  management training  and presentation .According to him, some of the important  dignitaries who spoke at the forum include; Aliko Dangote, President and CEO, Dangote Group; Mr Tony Elumelu, Chairman, Heirs Holdings; Dr Olayiwola Fatona, Managing Director, Niger Delta Petroleum Resoures Limited; Director of Department  of Petroleum Resources, Dr David Ige; Group  Executive Director, NNPC, .Engr Kunle Allen;  Managing Director, Gas Aggregation Company  Nigeria Limited etc.

the  NNPC,NAPIMS,NCDMB, Nigeria Ports Authority NPA, and others who worked to make the project a reality.

The Chairman of LADOL, Chief Oladipo Jadasimi  in his speech, said  his company has faith in the development of Nigeria economy. He commended President  Goodluck Jonathan  for the passage of Nigerina Content Act that empowers Nigerians to  invest in the  development of the oil and gas sector .While noting that the project is a milestone in Nigeria local content drive, the Managing Director of Nigeria Export Processing Zone, Mr Gbenga Kuye in his contributions, described the facility  as  a good synergy for a local company to partner with a foreign company for the overall  development of Nigerian economy .

He commended the Management of LADOL  for keying into the Federal Government’s agenda  for the transformation. He further explained that the facility has been chosen to serve as industrialization hub for the development of Nigeria economy. “This joint venture enterprise has one chief executive officer in the person of Mr. C.W. Kim,” he said.

 

Source : Independent

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