Nigeria must review its petroleum import policies – OVH Energy CEO

The Chief Executive Officer of OVH Energy Limited, Huub Stokman, yesterday advocated the need for the Federal Government to review the policies concerning importation of refined petroleum products into the country.

Stokman, who made the declaration at the recently concluded 2019 Nigeria International Petroleum Summit (NIPS), in Abuja, which has OVH Energy Marketing Limited as one of its major sponsors, featured strategic panel discussions highlighting regulatory and legislative frameworks that will drive efficiency and healthy competition in the refining sector.

The discussants also evaluated current institutional construct and policies in Nigeria and trends in other climes regarding the use of conventional and modular refineries and suggested ways that institutions responsible for coordinating and regulating commercial activities could contribute significantly to the operational efficiency of the industry through robust but workable policies.

Speaking during a panel session with the theme: “Imperatives of Local Crude Oil Refining”, Stokman said there have been attempts to regulate the industry in a bid to ensure sustainability and innovative growth.

“However, there is an urgent need to develop Nigeria’s capacity to refine crude oil locally. This will bring about great financial and socio-economic impact not just on the petroleum industry, but also on other sectors of the economy. This is even more critical now taking into consideration the costs of crude prices in the global marketplace, which means increase in the amount spent on importation of petroleum products,” he added.

Source: Independent