FG to privatise refineries after PIB passage Director General of the Bureau of Public Enterprises (BPE) Mr. Benjamin Dikki has hinted investors’ interest in the oil and gas sector saying that when the Petroleum Industry Bill (PIB) is passed, the refineries will be available for privatization. The D-G said that the network of oil and gas pipelines will also be available for concession. Dikki disclosed that the over $3 billion proceed (N480 billion) expected from the privatization of the 18 Power Holding Company of Nigeria (PHCN) successor companies makes it the biggest ever privatization transaction in global history. A statement from Head, Public Communications of the BPE Chigbo Anichebe, said the bureau‘s helmsman made the revelations in a presentation to the Nigeria Investors’ Summit in New York, United States of America, last week. The DG added that the present administration has gone the extra mile in its efforts to create a conducive environment to attract private sector investments in infrastructure through the institution of sound policies, regulation and operation,appropriate fiscal and tariff incentives, among others. He said the first in the list of upcoming opportunities are in the telecommunications and the transport sectors, stating that NITEL and its frequencies are still available for sale in a guided liquidation process that will commence soon. In the transport sector, he said that the Railway Bill, National Inland Waterways Bill, Ports and Harbour Bill and National Transport Commission Bill were ready and soon to be sent to the federal legislature for passage. Dikki also revealed that the reforms in the housing sector had equally reached advanced stages adding that with over 18 million housing deficit in the country, the federal government had made the reforms in that sector a priority. He told the prospective investors that next in the menu of opportunities is the Abuja Commodities and Stock Exchange, noting that the planned reform in the Development Finance Institutions (DFIs) will commence with the privatization of Bank of Industry (BOI) and Bank of Agriculture (BOA). Meanwhile, Oando Gas and Power (OGP) said it has spent over N3.2 billion to build 10 megawatts Alausa Independent Power Project in Lagos. The project, which will be commissioned on Thursday is designed to improve the provision of power to the state secretariat complex in Alausa, Ikeja. The secretariat currently houses the offices of the governor and deputy governor of Lagos State, the State House of Assembly, and all state ministries and adjoining campuses. According to the company, the Alausa IPP provides a viable, cost-friendly alternative to the current power supply to the secretariat through a combination of the Power Holding Company of Nigeria supply and to a larger extent self-generation via diesel engines. The disconnection of the Alausa secretariat complex from the PHCN grid, it said, will make additional electricity available to many residents in Lagos State, and the streetlights on the main Awolowo Road will be powered by the plant, thus enhancing security for road users at night. The company said the natural gas fired plant will help to significantly reduce the pollution that emanates from the 70 plus diesel generators that are currently in use, and will lead to a drastic reduction in the LASG Secretariat’s fuel costs by over 70%.
Posted on: Tue, 15 Oct 2013 04:16:54 +0000
Trending Topics
Recently Viewed Topics
© 2015