Imo State Governor, Hope Uzodinma wants the National Assembly to come up with a law that will compel International Oil companies(IOCs) in the country to refine at least 25% of their crude oil in the country.
Governor Uzodinnma said this when he received members of the National Assembly Joint Adhoc Committee on Petroleum Industry Bill, led by Senator Albert Bassey, Chairman Senate Committee on Petroleum (Upstream) in his office in Owerri on Tuesday.
He said if the oil companies refined 25% of their crude locally; it would be sufficient for both local consumption and export. Uzodinnma frowned at what he called the double standard which has over the years allowed (IOCs) to operate only at the upstream level because of the huge profit margin, while neglecting the downstream sector.
He said it was time Nigeria engaged the oil companies with a view to properly understudy their mode of operations and why it seems convenient for them not to play by the rules in Nigeria which they comply with elsewhere.
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Uzodinnma further advised the National Assembly, as it embarks on the passage of the Petroleum Industry Bill (PIB), to include in the document the minimum Corporate Social Responsibilities expected periodically by Oil companies in their host communities.
The leader of the visiting delegation, Senator Albert Bassey said the PIB has better prospects of being passed now, stressing that for the first time, the National Assembly and the Executive are on the same page concerning the controversial proposed legislation.
Senator Bassey told his host that the 9th National Assembly will ensure that the the interest of all stakeholders especially the host communities are adequately covered by the PIB.
The Petroleum Industry Bill (PIB) has a long chequered history in the National Assembly; which has made it difficult for the proposed Petroleum law to be passed after almost 20 years of debate, The newest version of the PIB has five chapters with the interest of host communities captured in the third that guarantees them 2.5% equity share of the total operating cost of oil companies and also gives them a responsibility to protect oil assets.
(Editor-Oloyede Oworu)
