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MOMAN reiterates support for energy transition, safety 

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 The Major Oil Marketers Association of Nigeria MOMAN has reiterated its support to Nigeria s energy transition and efforts of the Federal Government to actualise net zero carbon emission target by 2060 MOMAN also said it had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations Mr Olumide Adeosun made these known at a news conference to mark his first year anniversary as the chairman of the association on Friday in Lagos Adeosun said our members are committed to the energy transition and the sustainable decarbonisation of our respective businesses As a collective we have embarked on several impactful initiatives and projects that signals that commitment to cleaner energy According to him MOMAN has been engaging with the National Gas Expansion Programme NGEP to drive the expansion of the use of gas in Nigeria He said the association had recently reviewed the contents of the Federal Government s Auto Gas policy and have sent in a memorandum with the association s input to the policy My members are ready to move as long there is regulatory and policy clarity he said Adeosun who is also the Chief Executive of Ardova Plc said as part of these efforts the company had invested in the construction of a 20 000MT Liquefied Petroleum Gas LPG storage facility in Ijora Lagos He said this new capacity which would come on stream in 2023 would enable economies of scale for coastal gas delivery and help deepen the adoption of LPG as the cooking fuel of choice nationwide Adeosun also reiterated MOMAN s position for the petroleum downstream sector going forward especially with regards to the continued payment of fuel subsidy by the government He said We have tabled our recommendations to the government on our considered view on subsidy removal approach It can best be summarised as full deregulation in phases These huge subsidy payments are simply not sustainable The government should focus on palliatives for Nigerians such as mass transit improve power supply agriculture education etc Government may subsidise sectors that would stimulate sustainable economic growth Overwhelmingly the right course of action is a clear trajectory toward full implementation of the Petroleum Industry Act 2021 as it is a very well thought out legislation that would ultimately cause the petroleum industry in Nigeria to grow Listing some of the achievements of his administration in the past one year Adeosun said it included engagements with stakeholders such as the Ministry of Petroleum Resources the National Assembly and the Federal Competition and Consumer Protection Commission He said MOMAN had also engaged the Nigerian Midstream and Downstream Petroleum Regulatory Authority Dangote Refinery and the Nigerian National Petroleum Company Ltd and the media These engagements have all been in a bid to ensure that downstream positions and our customers interests are well articulated and documented The goal has always been to develop good working relationships with the regulator and positively impact the petroleum sector Adeosun said He said MOMAN member companies being the heritage of International Oil Companies IOCs who have operated in Nigeria in some cases for over 100 years were the custodians of years of operational experience and evolved industry competencies Adeosun said It was our opinion that under investment arising from years of operation under the subsidy regime has led to a degradation of equipment industry knowledge and practices In response MOMAN established regional collaborations with other industry associations across Africa We share best practices and collaborate on various fronts We have therefore pooled our resources and recently published compendiums of best practices for the downstream industry in Nigeria he concluded NewsSourceCredit NAN
MOMAN reiterates support for energy transition, safety 

1 The Major Oil Marketers Association of Nigeria (MOMAN) has reiterated its support to Nigeria’s energy transition and efforts of the Federal Government to actualise net zero carbon emission target by 2060.

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2 MOMAN also said it had within the last one year organised several trainings for its members to improve efficiency and safety in the petroleum downstream sector operations.

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3 Mr Olumide Adeosun made these known at a news conference to mark his first year anniversary as the chairman of the association on Friday in Lagos.

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4 Adeosun said: “our members are committed to the energy transition and the sustainable decarbonisation of our respective businesses.

5 “As a collective, we have embarked on several impactful initiatives and projects that signals that commitment to cleaner energy.

6

7 According to him, MOMAN has been engaging with the National Gas Expansion Programme (NGEP) to drive the expansion of the use of gas in Nigeria.

8 He said the association had recently reviewed the contents of the Federal Government’s Auto Gas policy and have sent in a memorandum with the association’s input to the policy.

9 “My members are ready to move as long there is regulatory and policy clarity,” he said.

10 Adeosun, who is also the Chief Executive of Ardova Plc, said as part of these efforts, the company had invested in the construction of a 20,000MT Liquefied Petroleum Gas (LPG) storage facility in Ijora, Lagos.

11 He said this new capacity which would come on stream in 2023 would enable economies of scale for coastal gas delivery and help deepen the adoption of LPG as the cooking fuel of choice nationwide.

12 Adeosun also reiterated MOMAN’s position for the petroleum downstream sector going forward, especially with regards to the continued payment of fuel subsidy by the government.

13 He said: “We have tabled our recommendations to the government on our considered view on subsidy removal approach.

14 ” It can best be summarised as full deregulation in phases.

15 These huge subsidy payments are simply not sustainable.

16 “The government should focus on palliatives for Nigerians such as mass transit, improve power supply, agriculture, education etc.

17 “Government may subsidise sectors that would stimulate sustainable economic growth.

18 “Overwhelmingly the right course of action is a clear trajectory toward full implementation of the Petroleum Industry Act 2021, as it is a very well thought out legislation that would ultimately cause the petroleum industry in Nigeria to grow.

19

20 Listing some of the achievements of his administration in the past one year, Adeosun said it included engagements with  stakeholders such as the Ministry of Petroleum Resources, the National Assembly and the Federal Competition and Consumer Protection Commission.

21 He said MOMAN had also engaged the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Dangote Refinery and the Nigerian National Petroleum Company Ltd. and the media.

22 “These engagements have all been in a bid to ensure that downstream positions and our customers’ interests are well articulated and documented.

23 “The goal has always been to develop good working relationships with the regulator and positively impact the petroleum sector,” Adeosun said.

24 He said MOMAN member companies, being the heritage of International Oil Companies (IOCs) who have operated in Nigeria in some cases for over 100 years, were the custodians of years of operational experience and evolved industry competencies.

25 Adeosun said: “It was our opinion that under investment arising from years of operation under the subsidy regime has led to a degradation of equipment, industry knowledge and practices.

26 “In response, MOMAN established regional collaborations with other industry associations across Africa.

27 We share best practices and collaborate on various fronts

28 ” We have, therefore, pooled our resources and recently published compendiums of best practices  for the downstream industry in Nigeria” he concluded.

29

30 NewsSourceCredit: NAN

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