DPR Denies Revoking 32 Refinery Licences

The Department of Petroleum Resources (DPR) has denied revoking
32 refinery licenses issued to private companies in Nigeria.

Mr Paul Osu, Head, Public Affairs, DPR, made the clarification
in a statement on Tuesday in Lagos.

“We wish to clarify that DPR did not revoke any refinery
licence.

“Refinery licenses, like our other regulatory instruments have
validity periods for investors to attain certain milestones.

“This 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 licence of
the company,” Osu said.

According to him, the DPR in line with the aspirations of the
government initiated the refinery revolution programme of the
country.

He said it was aimed at boosting local refining capacity by
enabling business and creating new opportunities for new investors
with the granting of modular and conventional refinery licenses to
investors.

Osu said the DPR would continue to provide support for investors
in the oil and gas industry in Nigeria using its regulatory
instruments of licences, permits, and approvals to stimulate the
economy and align with governments’ job creation initiatives.
(NAN)

The Department of Petroleum Resources (DPR) has denied revoking
32 refinery licenses issued to private companies in Nigeria.

Mr Paul Osu, Head, Public Affairs, DPR, made the clarification
in a statement on Tuesday in Lagos.

“We wish to clarify that DPR did not revoke any refinery
licence.

“Refinery licenses, like our other regulatory instruments have
validity periods for investors to attain certain milestones.

“This 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 licence of
the company,” Osu said.

According to him, the DPR in line with the aspirations of the
government initiated the refinery revolution programme of the
country.

He said it was aimed at boosting local refining capacity by
enabling business and creating new opportunities for new investors
with the granting of modular and conventional refinery licenses to
investors.

Osu said the DPR would continue to provide support for investors
in the oil and gas industry in Nigeria using its regulatory
instruments of licences, permits, and approvals to stimulate the
economy and align with governments’ job creation initiatives.
(NAN)