The Department of Petroleum Resources (DPR) has denied revoking licences issued to 32 private companies in Nigeria.
The Head, Public Affairs of DPR Paul Osu disclosed this in a statement on Tuesday.
“Our attention has been drawn to a report in some publications stating that DPR has revoked 32 refinery licences issued to private companies in Nigeria.
“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.
“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.
“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.
“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,” the statement said.
