The House of Representatives Committee on Petroleum Resources (Downstream) is set to beam its searchlight on the huge investments in the Turn Around Maintenance (TAM) of the nation’s major refineries and why the exercise has not yielded desired results.
The Committee also announced that it was investigating the bottlenecks associated with obtaining crude by local and modular refineries, and why local refiners should travel to Switzerland to negotiate obtaining crude.
At a news conference on Wednesday, Chairman of the Committee, Ikenga Ugochinyere said it is disturbing that after the hype that greeted the return of the Port Harcourt and Warri refineries to production status, they have again been shut down.
According to him, the House intends to find out what went wrong,
before considering whether or not the refineries should either be sold or privatized, especially when the firm handling the turn around maintenance is a reputable company.
Ikenga Ugochinyere further disclosed that the House has received several petitions from refinery owners, oil marketers and retailers, complaining that their investments will likely be affected by certain policies, especially the allegation of Dangote Refinery’s planned take-over of Petroleum Products transportation/retailing.
He said that the committee will reopen investigation into the acquisition of OVH and the complaints from NNPC Retail Staff, adding that the House had rejected the report of an earlier investigation into the matter but has ordered the committee to reopen it.
He further hinted that the panel is seeking ways of amending the Petroleum Industry Act, to address emerging issues not covered by the law, stressing that such areas of amendment will be collated for the approval of the House with a view to strengthening NMDPRA/downstream petroleum sector.
The Imo lawmaker however disclosed the Committee’s readiness to investigate the issue of incorporation of Artisanal Miners into the petroleum refining value chain, following complain that the experience of such persons will be eroded if they are excluded.
He assured that the House will not allow any monopoly in the oil sector of the country, assuring that all the sub committees set up will be fast-tracking the investigation of pending referrals to the Committee, address crucial matters and developments capable of threatening sustainability in the downstream sector, with a view to making the downstream sector stronger and more viable.
