BEVERLY HILLS, May 16, (THEWILL) – Venezuela’s former minister of energy and mines, Dr. Alirio Parra has described the recent decision of the federal government to liberalise the downstream sector of the petroleum sector as historic and smart.
Parra, who is also a member of the global oil industry outfit, CWC Group, stated at a forum in Abuja over the weekend, stressing that the decision on the downstream petroleum industry was a bold testament to the fact that oil is a market-driven commodity.
This was contained in a statement from the Group General Manager, Public Affairs of the Nigerian National Petroleum Corporation, NNPC, Mallam Garuba Deen Muhammad.
According to him, “One really important change in the oil and gas industry in Nigeria is the decision by the federal government to open the domestic market for competition.
“I am not necessarily talking about the elimination of subsidy, but opening the market is a statement that oil is market driven and that with time, it is going to be to the benefit of Nigeria, and to all Nigerians.”
Parra further stated that the opening up of the market would in no time encourage more players to bring in petrol which would eventually lead to a new era of competitive pricing.
“Soon people will start to rush out to bring in oil thinking they are going to make a huge profit but as more oil comes into the market, things would start to stabilise and slowly it would find its own level at a price no one can forecast but surely it would be at a competitive price.
“I think this is a historic decision and it is one of the smartest that Nigeria has taken in recent years,” he said.
The statement further reports that Parra endorsed the nomination of former Group Managing Director of NNPC, Dr. Mohammed Sanusi Barkindo, by the government as Nigeria’s candidate for the Secretary General of the Organisation of the Petroleum Exporting Countries, OPEC.
“I think that Barkindo will make a fantastic secretary general, he will return the dignity of Nigeria in the international service, he will be a secretary general of huge category and an important figure in the international oil industry,” he said.
