Nigeria, Jan 30, 2019:
To reiterate its commitment to the Oil and Gas industry especially the
downstream sector, OVH Energy Marketing Ltd, Nigeria’s leading downstream
company and a licensee of the Oando retail brand has demonstrated its support for
government’s ongoing agenda geared at improving the downstream value chain. The
Company made the call at the recently concluded 2019 Nigeria International
Petroleum Summit (NIPS), held at the International Conference Centre, Abuja
from 27th to 30th of January 2019. The theme of this
year’s summit was “Shaping the
Future through Efficiency and Innovation”.
summit, which had OVH Energy Marketing Ltd 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. 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.
during a panel session with the theme: “Imperatives
of Local Crude Oil Refining”, Huub Stokman,
Chief Executive Officer, OVH Energy Marketing, emphasized the need to review
the policies concerning importing refined petroleum products. According to him,
“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”.
Stokman further stated that the discussion around the refining industry is the
first of the 7 Big Wins developed by the Minister of Petroleum Resources, Ibe Kachikwu,
to enable a stable environment that will maximize investment opportunities in
the oil and gas industry and generate increased growth in the Nigerian economy.
“There is no viable refining if we do not talk
about deregulation and removing fuel subsidy. As one of the biggest economies
in Africa, we can justify the reason to have a viable refining industry. There
is need to invest in refinery infrastructure in order to have the capacity to
produce clean fuels”, he further added.
Mr. Stokman thanked
the Government, its ministries, the legislature and other agencies for the payment
of outstanding subsidies owed to the major marketers.
International Petroleum Summit is a project of the Federal Government of
Nigeria. It creates the platform for Nigeria to help galvanize Africa’s
response to global Oil and Gas challenges. It is the official
government-endorsed event designed to be the ultimate meeting place for Nigeria
and Africa’s Oil and Gas sector where principal decision makers from the public
and private sectors exchange innovative ideas.
Notes to Editor
OVH Energy Marketing is Nigeria’s leading downstream market of choice
providing trusted petroleum products to its customers in Nigeria. Our brand
pillars are hinged on our Heritage, Customer Offer and Quality.
For more information visit www.ovhenergy.com .
Head, Public Relations and Communications, OVH
Senior Account Executive, Hill+Knowlton Strategies
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