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Oil marketers to build 2 refineries

15 May 2014, 20:20

Abuja - The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it would construct two petroleum refineries in Bayelsa and Kogi to support deregulation of the petroleum downstream.

The IPMAN National President, Chinedu Okoronkwo, disclosed this when he led other executive members on a courtesy visit to the Minister of Information,  Labaran Maku, in Abuja.

He said the association remained committed to government policy on deregulation and had concluded arrangements to construct two petroleum refineries.

“As I speak, our technical team is expected in the country any moment; refinery is not a big deal, but the way it is magnified makes it scary.

"We were the first to do these tank farms that people are now using all over the place and we are determined to repeat same in refining of petrol,’’ he said.

He said that the association had a track record of introducing measures to ameliorate the hardship experienced by consumers.

Okoronkwo said IPMAN was fully in support of a deregulated petroleum downstream sector, noting that trends in the industry did not support full public participation in the petroleum downstream.

Earlier, the Minister of Information, Labaran Maku, urged the association to embrace government’s proposition and lead a national campaign for the deregulation of the downstream sector.

He said that the support of the association was central to the actualisation of government’s proposition for a deregulated sector.

Maku said that the advantages of a deregulated downstream sector could not be compared to what is currently obtained in the sector.

He said increased employment opportunities, improved economic activities and general change in the wellbeing of citizens as some of the benefits derivable in a deregulated economy.

Maku added that fraud associated with subsidy in the petroleum sector would be eliminated, while extra funds would be made available for government to execute other people-oriented projects.

The minister urged the association to address issues related to the sale of petrol above government approved prices.

Maku expressed displeasure that apart from Abuja and Lagos, marketers in other locations across the country were selling products above the fixed prices.


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