The Department of Petroleum Resources, DPR, has denied report that it revoked 32 refinery licences issued to private companies in Nigeria.
Paul osu, Head, Public Affairs DPR, in a statement explained that refinery licence like its other regulatory instruments have validity periods for investors to attain certain milestones.
This he stated implied 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 explained.
He said that the DPR in line with the aspirations of government initiated the refinery revolution programme of government aimed at boosting local refining capacity by enabling business and creating new opportunities for investors with the granting of modular and conventional refinery licenses.
Osu said the DPR will continue to provide support to investors in the oil and gas industry in Nigeria using our regulatory instruments of licences, permits and approvals to stimulate the economy and align with governments job creation initiatives .