Local refineries to get recognition from federal government Read more: https://www.naij.com/1096013-local-refineries-recognition-federal-government.html

Advertise with us Local refineries to get recognition from federal government Local refineries to get recognition from federal government Author: Omotayo Yusuf Updated: 2 hours ago Views: 14162 Tweet it! Share on Facebook Send via email Tweet it! Share on Facebook Send via email - The federal government is making moves towards supplying crude to local refineries at considerable prices - This is expected to foster peace between the government and the Niger Delta region President Muhammadu Buhari has made move to stop the problem of pipeline destruction and oil bunkering in the Niger Delta region by recognising illegal and local refineries. Vanguard reports that this initiative was seen as one of the new plans for the region which has experienced relative stability since the presidency started making moves for peace. READ ALSO: CBN introduces new forex rate This initiative was first proposed by Dr. Ibe Kachikwu who is the minister of state of petroleum and discussed at the presidential interactive engagements in several oil-producing States led by the Vice President Yemi Osinbajo. Mr Laolu Akande who is the spokesperson to the vice president said the “initiative would have all illegal refiners and the local communities in the Niger Delta integrated in the proposed Modular refineries concept of the Federal Government as they would not be left to operate on parallel basis.” Local refineries to get recognition from federal government File photo of Professor Yemi Osinbajo with Niger Delta leaders Experts have applauded the plan which will see the federal government supply crude oil to local refineries at a considerable price so as to prevent oil bunkering. This concept would stop the degradation of land resulting from oil spill. According to Daily Trust, a source privy to the plan said some hurdles still had to be considered before the move was implemented. “At a meeting late last week at the Presidential Villa, issues around technical and engineering implications of how to integrate the refiners were discussed with industry experts and practitioners making presentations on how to implement the Buhari presidency modular refinery initiative said to have been first proposed by Dr. Ibe Kachikwu, the Minister of State for Petroleum Resources. “At the meeting the experts reported that they have worked closely with the NNPC, Oil & Gas operators, owners of marginal fields, operators of refineries and various technical services providers “to develop a workable system to develop this initiative,’ READ ALSO: 25 most dangerous countries in the world 2017 (See where Nigeria ranks) “Another important component of the plan under consideration is to involve the current illegal refiners and their communities as shareholders while the NDDC and the NSIA will also hold substantial holdings/equity sufficient to make the smaller refineries operational as a business and a going concern. “To facilitate effective community engagements, an MOU would be established under the plan with the affected communities determining the communities share, while the FG would supervise the implementation, which would be driven largely by industry operators and the communities.” Read more: https://www.naij.com/1096013-local-refineries-recognition-federal-government.html