Monday, September 27, 2021

DPR denies revoking 32 refinery licenses

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

The Head of Public Affairs, DPR, Paul Osu disclosed this in a statement issued on Tuesday in Lagos.

He said: “We wish to clarify that DPR did not revoke any refinery license.

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

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“This implies that after the validity period for the particular milestone, the license becomes inactive until the company reapplies for revalidation to migrate to another milestone.

“This does not in any way translate to revocation of license of the company,” he added.

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

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Mr Osu noted that the DPR would continue to provide support for investors in the oil and gas industry in Nigeria using its regulatory instruments of licenses, permits and approvals to stimulate the economy and align with the government’s job creation initiatives.

NAN

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