The Minister of State for Petroleum Resources Timipre Sylva has said the Federal Government is profoundly working on implementation plan for establishing a framework that will drive the institutional, legal, regulatory and commercial reforms necessary for attracting investment into the gas sector.
Sylva who spoke at at the launch of the documentary, “The Nigerian Gas Journey….Past, Present and future” said this is with a view to achieving what Nigeria’s abundant gas resources could offer as a strong option for the economy and attracting the right kind of investment and opening the economy for gas related business.
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“As part of the FG’s strategy to reposition the oil and gas industry, the Ministry of Petroleum Resources (“MPR”) commenced the implementation of carefully conceived initiatives to foster efficiency and attract investments along the gas value chain as embedded in FG’s policy aspirations for the Gas sector”, the Minister who spoke through Engr. Justice Opelamina Derefaka, Technical Adviser on Gas Business & Policy Implementation, said.
The policy according to Sylva seeks to define and set the framework necessary to move Nigeria from being a crude oil export-based economy to becoming an attractive, oil and gas-based industrial economy.