The Petroleum and Natural Gas Senior Staff Association of Nigeria is advocating for the Federal Government to increase its shares in the Dangote Petroleum Refinery from seven per cent to at least 45 per cent. This move is seen as crucial for enhancing energy security and ensuring the availability of petroleum products for citizens.
PENGASSAN President, Festus Osifo, emphasized the importance of energy security for the nation’s survival and urged the government to partner with the private sector to maintain petroleum product storage in all six geopolitical zones. He also stressed the need for expanding pipeline infrastructure to reduce the pressure on roads for product transportation.
Osifo highlighted the significance of stabilizing the exchange rate to ensure affordable energy prices in Nigeria. He called for the revitalization of the nation’s refineries and suggested the divestment of majority shareholdings to attract core investors.
The association also addressed the challenges of fuel distribution and the impact of divestment by International Oil Companies on Nigeria’s oil and gas sector, recommending the development of a comprehensive divestment framework under the Petroleum Industry Act.