As Nigeria continues to record high level of expired refinery licences, experts, on Tuesday, identified lack of funds and feedstock, as factors militating against the construction of new plants.<\/p>\n\n\n
The experts, who expressed their positions in different interviews said such investors have the right to reapply for the renewal of their licences.
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Specifically, in an interview with Vanguard, Lead Promoter, EnergyHub Nigeria, Dr. Felix Amieyeofori, said: \u201cThe investors encounter many problems, including lack of funds and feedstock. But the good thing about it is that they have the right to reapply.\u201d<\/p>\n\n\n
Similarly, former Managing Director, Niger Delta Petroleum Resources, Dr. Layi Fatona, said: \u201cconscientious focus and determination are required in the pursuit and delivery of any project in the Nigerian airspace.\u201d<\/p>\n\n\n
He added: \u201cThere is no capital long enough and not much of equity is available to pursue refining projects.\u201d Meanwhile, the Department of Petroleum Resources, DPR, has denied revoking 32 refinery licences in the country.<\/p>\n\n\n
Some publications, not Vanguard had erroneously reported that the agency revoked the licences recently.<\/p>\n\n\n
But Department of Petroleum Resources ( DPR) reported: \u201cWe wish to clarify that DPR did not revoke any refinery licence. Refinery licence like our other regulatory instruments has validity periods for investors to attain certain milestones.<\/p>\n\n\n
\u201cThis implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone. This does not in any way translate to revocation of the licence of the company.\u201d
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It added: \u201cDPR in line with the aspirations of the government initiated the refinery revolution programme of government aimed at boosting local refining capacity by enabling business and creating new opportunities for investors with the granting of modular and conventional refinery licenses.<\/p>\n\n\n
DPR will continue to provide support to investors in the oil and gas industry in Nigeria using our regulatory instruments of licences, permits and approvals to stimulate the economy and align with government\u2019s job creation initiatives.\u201d<\/p>\n\n\n