It was a long read by the way, so I summarized it below.
1. Before May 6, 2010, when GEJ became substantial President we experienced product scarcity and long queues in filling stations.
2. During the military regimes prior to democracy the following were widespread - pipeline vandalization by host communities, fire outbreak as a result of such vandalization leading to refinery shutdown.
3. During Obasanjo's regime Nigeria still witnessed - long queuing for fuel, product hoarding, product adulteration and black market selling. Obasanjo increased the pump price of the product a number of times to stem the issue.
4. Late President Yar'adua, during his era, initiated measures to revive the refineries but couldn't enforce sale of petrol at approved pump price. In North and East fuel sold btw N70 and N80 while Gas and Kerosene remained scarce. 5. When GEJ came along, he appointed an expert to lead the industry - Mrs Diezani Alision Madueke ( who was once the 1st female Executive Director of Shell Petroluem Development Company).
6. Her Actions - She revitalized the Warri, Kaduna and Port Harcourt refineries conducting turn-around maintenance among others. Major repairs of Product Evacuation Infrastructure was undertaken.
7. NNPC always has in its depots a quantity that is greater than demand (around 30 days). This has stabilized pump price across the country.
8. To sustain petrol supply and distribution, NNPC is working towards increasing refining capacity through the building of three Greenfield refineries as well as the massive expansion of its retail outfit (NNPC Filling stations) to check the incidence of artificially-induced fuel scarcity.
9. She supported the GEJ's drive to resolve Epileptic Power supply caused by Gas shortage. Gas prices were too low and gave producers no incentive to make huge investments required to increase supply of product. New pricing was proposed and implemented leading to increase in gas production and supply. Pan Ocean Gas project is now completed and ready to supply additional 60mmcf/d of gas as soon as power sector is ready.
10. She opened access to petroleum marketing and distribution. Before her period, 3 major companies were getting 90% of allocations of petroleum products from NNPC. The cartel was broken and the downstream sector was opened up and now more companies are participating in the sector. Of course this has angered members of the cartel who have resorted to sponsoring smear campaigns against the minister.
11. Massive transformation of NNPC, passage and implementation of Nigerian Content Act, the push for the passage of Petroleum Industry Bill, implementation of Gas master plan, improved relations with critical stakeholders across the oil and gas value chain. 12. Currently, gas supply has surpassed the requirement of the existing thermal power plants. The surplus is now being exported and with the coming on stream of Alaoji Power Plant and other thermal plants, all the gas produced would be adequately utilized to avoid waste
13. There is, however, little investment in the upstream sub- sector when compared to the gas sector due to its capital intensiveness and length of time for ROI. Investors want to first consider the laws governing the sector (PIB bill). 14. Thanks to Nigerian Content Act being passed into law, over 30,000 direct employments and training opportunities have been created for Nigerians. 15. Petrochemical and fertilizer projects is expected to attract more than $10bn foreign direct investment between 2012 and 2014. The Gas revolution launched recently is expected to provide over 500,000 jobs.
www.africanewscircle.com/index.php?option=com_content&view=article&id=862:its-victory-for-jonathan-and-allison-madueke-with-petroleum-resources-reforms&catid=60:special-reports
| Posted: at | |
gimac
slimben
PoliticxGuru
TRENDING GISTS 
Divide Nigeria Before June 15 - Yoruba Nation Agitators, Sunday Igboho, Akintoye Tells Tinubu
Federal Govt Suspends Dana Airline Indefinitely Over Safety Concerns
Lady Who Left The UK With Her Family to Return Home to Nigeria Reveals Why She Did So