The Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector, while ascertaining the state and adequacy of the current ones in use.
The focal point will be oil and gas processing, storage and distribution facilities, jetties downstream and pipelines, retail outlets for oil and gas (LPG), among others.
The Executive Secretary of PPPRA, Abdulkadir Saidu, who made the disclosure in a statement on Saturday said the planned audit is equally aimed at assessing the impact of government policy and regulation on the sector’s operating environment and viability, with a view to addressing identified loopholes.
According to him, the agency recognizes that the state of infrastructure in the downstream of the Nigerian oil and gas sector is largely a reflection profitability, proficiency or otherwise of the market, hence the urgent need to carry out a comprehensive audit to get a vivid picture of the systems and procedures.
He said: “The PPPRA recognises that the state of infrastructure in the downstream requires constant assessment to ensure uninterrupted supply of products in addition to providing up to date data for operation in the sector.
“The exercise, which is expected to commence in the second half of 2019, is a long-awaited exercise by operators and other stakeholders and the outcome is expected to contribute to policy formulation and impact investment decision-making by investors.
“We’re championing this exercise in furtherance of the reform programme of Mr President in the oil sector.
“All oil and gas depot owners, marketers, retail outlets and LPG plant owners are stakeholders in this exercise, the ultimate objective of which is to enhance the commercial viability of the sector and improve its level of attractiveness as investment capital destination of choice for potential investors”.
The PPPRA boss further sought the cooperation and support of all stakeholders in ensuring the success of the audit.
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SOURCE: Sun News