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MONDAY , NOVEMBER 8, 2004   RAMADAN 26, 1425 A.H.           NESG D-G lists conditions for downstream sector deregulation The deregulation of the downstream sector of the petroleum industry in the country will only succeed when the NNPC withdraws completely from the importation of petroleum products and allow marketing firms to take up the task. The Director General of the Nigerian Economic Summit Group,(NESG), Alhai Ahmed Mansur, told the Economic Forum of the News Agency of Nigeria (NAN) in Lagos that with such withdrawal by the NNPC, the Corporation could focus its attention on revamping its refineries. �What we should focus on is the deregulation of the market to enable oil marketing firms to supply the products. At present, the government through the NNPC remains the bulk supplier of petroleum products,� Mansur said. �The oil marketing firms under the present regime do not take up any risk, and they are allowed differed payments for their lifting by the NNPC while the Corporation bears all the cost associated with importation of petroleum products,� He said. Mansur, who was at various times the Managing Director of the Kaduna and Port Refineries, said that privatisation of the refineries would only succeed when the investors were assured of a profitable investment with appropriate incentives, and adequate regulatory mechanism to direct the operations of the refineries. �The operations of the privatised refineries will require a regulatory agency that will set the ground rules and has the capacity for its functions,� Mansur said. Assessing the implementation of the deregulation, Mansur said that the country was �moving in the right direction since petroleum products can now be easily procured which is one aspect of deregulation.� The Federal Government has set the privatisation of its four refineries in Kaduna, Warri and Port Harcourt as a major policy but investors have not shown much interest in acquiring the refineries. According to the government, it has spent over $700 million in refurbishing the refineries which have not been operating at full capacity, resulting in importation of petroleum products. The refineries have a combined refining capacity of 445,000 barrels of crude oil per day. SITE TOOLS Print This Page   EMAIL THIS PAGE Friend's Name: Friend's  Email: Your Name: Your Email:           � Triumph Publishing Company Limited 2004

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