The Department of Petroleum Resources (DPR) has denied revoking 32 refinery licenses issued to private companies in Nigeria.

Mr Paul Osu, Head, Public Affairs, DPR, made the clarification in a statement on Tuesday in Lagos.

"We wish to clarify that DPR did not revoke any refinery licence."

"Refinery licenses, like our other regulatory instruments have validity periods for investors to attain certain milestones. This implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone."

"This does not in any way translate to revocation of licence of the company,” Osu said. According to him, the DPR in line with the aspirations of the government initiated the refinery revolution programme of the country. He said it was aimed at boosting local refining capacity by enabling business and creating new opportunities for new investors with the granting of modular and conventional refinery licenses to investors."

Osu said the DPR would continue to provide support for investors in the oil and gas industry in Nigeria using its regulatory instruments of licences, permits and approvals to stimulate the economy and align with governments job creation initiatives.

nairavsdollars:
Any further fuel price increase will bring down this government. I swear

nairavsdollars:
Any further fuel price increase will bring down this government. I swear