The pervasive insecurity in the country is partly responsible for the dearth of investment in the Nigeria’s oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has said....
The pervasive insecurity in the country is partly responsible for the dearth of investment in the Nigeria’s oil and gas sector, the Petroleum and Natural Gas Senior Staff Association of Nigeria , has said.
He said: “When people speak about percentage, they forget to talk about the basics. The question to ask is: three per cent of what? For example, if it is three per cent of profit, it is different from three per cent of the Capital Cost and different from Operational Cost . So, if is three per cent of profit, it means that any year there is no profit, it means there will be no three per cent. But in this case, the National Assembly is talking about three per cent of operating expenditure.
Osifo also revealed that while PENGASSAN has never advocated for the refineries to be sold, it insists on adopting the Public-Private Partnership in the running of the nation’s refineries. Osifo, who confirmed the participation of PENGASSAN in the refurbishment of the refineries as a member of the committee, said the fund for the rehabilitation would be in an escrow account and would only be made available to the contractors handling the project.He explained: “The Afri-Exim Bank is a reputable institution that will not involve itself in any shady deal. The United States of America has the highest stake in the bank.
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