The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to boost its ownership in Dangote refinery from the current seven per cent to 45 per cent. PENGASSAN President, Mr. Festus Osifo, made this appeal while presenting the communique and recommendations from the 3rd PENGASSAN Energy and Labour Summit in Lagos.
PENGASSAN emphasized that increasing the government’s stake would ensure product availability to meet local demand, and secure energy for Nigerian citizens. The union recommended that the nation’s refineries be modeled after the Nigerian Liquefied Natural Gas (NLNG) system, which has been successful.
Osifo further advocated for the government to hold no more than 49% of the refineries’ shareholding once operational, with 51% transferred to core investors, similar to the NLNG model. He also stressed the need for repairs to the dilapidated inter-land petroleum depots across the country’s six geopolitical zones, urging collaboration between the government and private sector for smoother petroleum distribution.
PENGASSAN proposed pipeline expansion to ease transportation of refined petroleum products and reduce the burden on roads caused by trucks. The union also recommended digital strategies to combat crude oil theft, re-engineering security architecture, and simplifying regulations to attract more gas investments. Osifo underscored the need for strict penalties for crude oil theft to serve as a deterrent.