Chairman, Rivers State chapter of Trade Union Congress (TUC), Comrade Chika Unegbu, has advocated the need for incentives to be granted to encourage the development of private refineries alongside the existing ones.
Unegbu, who spoke recently at the inaugural Phillip Asiodu Economic Initiative (PAE) Roundtable Conference in Port Harcourt, also said a framework should be articulated that will make available required crude for effective functioning of local refineries.
He noted that there was the need to compel international oil companies (IOCs) to refine an agreed percentage of crude in the country by tying upstream licensing to downstream investment.
Unegbu said refineries should be stand-alone entities independent of the proposed National Oil Company (NOC), stressing that management of each refining company should be autonomous and fully responsible for its success and failure.
He expressed the need for Nigeria to adopt a modified model tailored towards the NLNG Model with the NOC holding some 49 per cent; core investors/local participation having a working majority; and staff and staff unions - PENGASSAN and NUPENG - holding minority shares.
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