Business
Invalid 32 Refinery licences Can Be Revived, Says DPR
The Department of Petroleum Resources has said companies whose refinery project licences have become invalid can reapply for revalidation.
The PUNCH had earlier reported that 32 refinery project licences issued to private investors in the country had become invalid in the past three years.
The DPR, in a statement on Tuesday by its Head of Public Affairs, Paul Osu, said, “We wish to clarify that DPR did not revoke any refinery licence. Refinery licence, like our other regulatory instruments, have validity periods for investors to attain certain milestones.
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“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.”
The agency said it would continue to provide support to 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.
Credit: The PUNCH
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