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Senate proposes privatization of refineries

11 March 2015, 21:54

Abuja - The Senate Joint Committee on the Petroleum Industry Bill has proposed the privatisation of Nigeria’s four refineries two years after the passage of the bill, Vanguard reports.

The committee had set up a mechanism for the liberalisation and deregulation of the downstream sector in the Bill to include the sale of the refineries within two years of the passage of the PIB.

Also read: 23 illegal refineries destroyed in Bayelsa

The Bill also provides for the scrapping of the Petroleum Equalisation Fund, PEF, immediately the downstream petroleum sector is deregulated.

Other proposals in the bill include the sale of the Federal Government’s stake in the company that will emerge from the NNPC, through the Nigerian Stock Exchange.

Read more at Vanguard

- News 24

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