President-elect
of the United States of America (USA), Mr. Donald Trump, is billed to attend a
roadshow being put together by the Federal Government as part of efforts to
attract investment into the sector, Minister of Petroleum Resources, Mr. Ibe
Kachikwu, has said.
The Minister
made the disclosure while unveiling his goals and those of the Ministry of
Petroleum Resources for 2017 in Abuja.
“We are going
to be seeking to attract investments and complete all the MoUs we have in China
and India. We are looking to do a roadshow to the UK, we are looking to do a
roadshow to the US with President Donald Trump coming in,’’ he said.
The Minister
said Nigeria would exploit the relationship built by President Muhammadu Buhari
in taking a roadshow to the UK and US.
Kachikwu
equally pledged the readiness of the Federal Government to pass the Petroleum
Industry Bill (PIB) and allocate oil blocks in 2017.
“We are going
to accelerate Federal Government’s revenues, look into areas where we could
have made more money, so as to support the 2017 budget financing.
“We are
looking to draw on the relationship that the president has built over time. We
are going to be conducting oil blocks allocations and marginal flow awards to
try and raise money for the government,” Kachikwu said.
He assured
that Nigeria’s refineries would be revamped to produce at 60 per cent capacity.
“We need to
start the revamping of the refineries. The president has given us marching
orders on that. We still remain committed on our goal of 2018 to reduce
importation by 60 per cent and 2019, stop the importation of petroleum products
substantially. “Now we are going to continue to focus on downstream issues.
Although we have liberalised, there are still some challenges.
We are going
to see how we work within the liberalisation infrastructure such that we are
able to take away the low-hanging difficulties.
“We are also
going to focus on the Niger Delta. It’s been too long a lingering issue. We are
going to be working with every aspect of the Presidency to try and find
solution to this.
“On the other
hand, we are going to run at a rocket pace. We have so much to do. First, we
are going to firm up our policies, be able to gazette all our oil and gas
policies and then pass the PIB,” he stated.
Kachikwu
praised Nigeria’s “influential role” in stabilising oil prices, saying he
expects oil to trade in the $60s for the better part of 2017.
Sunnews
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