Petroleum Industry Act will attract more investments in the oil industry – Kyari

“Our industry has been struggling with the fiscal environment in Nigeria, such as issues surrounding investors investing money and getting it back with returns they deserve and without fiscal stability and sanctity of contracts,”

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Mele Kyari, the Group Managing Director NNPC

NNPC boss Mele Kyari says the Petroleum Industry Act (PIA) will attract more business investments and tackle the fiscal issues the sector has been struggling with.

“Our industry has been struggling with the fiscal environment in Nigeria, such as issues surrounding investors investing money and getting it back with returns they deserve and without fiscal stability and sanctity of contracts,” he acknowledged.

On Wednesday, Mr Kyari gave this assurance at the ongoing World Petroleum Congress in Houston, Texas.

He, however, added, “This is what our new law has done to bring all these in focus to ensure that fiscal environment is very competitive with world-class practices that you can find in stability and security.”

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Mr Kyari spoke on the theme tagged ‘Building Partnership’, which he described as a key aspect of the oil industry’s operating model.

Mr Kyari added that Nigeria had renewed its commitment to attracting investments in the oil and gas industry by passing the PIA.

“This is indeed a new dawn for investors as well as our national oil company (NNPC), that is transiting to a commercially oriented limited liability company,” he noted.

(NAN)

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