The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has advocated the application of the Nigeria Liquefied Natural Gas (NLNG) ownership and operating model to resuscitate the nation’s refineries. The oil workers maintained that it is one of the best ways to maximize the country’s national assets. They argued that the lack of significant investment in the oil and gas industry continued to limit the overall contribution of the sector to economic growth and development. The NLNG backed by the NLNG Act, is owned by four shareholders, namely, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corporation (NNPC) with 49 per cent stake; Shell, 25.6 per cent stake; Total Gaz Electricite Holdings France, 15 per cent stake and Eni with about 10.4 per cent stake. Ohaeri mentioned that these oil firms with the 51 per cent stake in NLNG are good in what they do, as they are core business people, who bring in quality expertise and the right model required for the refineries to succeed.

Source: The Guardian January 11, 2020 03:45 UTC