The Department of Petroleum Resources (DPR) has said it has not revoked the existing 32 refinery licenses issued to private companies in the country.
A statement by the department’s Head of Public Affairs, Paul Osu, said; “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.
The DPR in line with the aspirations of the government initiated the refinery revolution programme of the country, Osu stated, adding that the initiative 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 government’s job creation initiatives.