Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, assured that the Federal Government won’t hinder legitimate oil sector transactions and will promptly approve Shell’s $2.4bn onshore asset sale, contingent on the submission of required documents.
Shell’s sale of its Nigerian onshore subsidiary to Renaissance, a consortium of Nigerian and international companies, is subject to government approval and other conditions, as stated by Shell.
Speaking at the World Economic Forum in Davos, Switzerland, Minister Lokpobiri emphasized the government’s commitment to creating a business-friendly environment in the oil and gas sector.
Commenting on the divestment move of Shell, the minister said, “On the part of the government, once we get the necessary documents, we will not waste time to give the necessary considerations and consent.”
In addressing worries about international oil companies diversifying their onshore assets, the minister emphasized the favourable aspects of this diversification.
He pointed out that Nigeria stands to gain, as it opens doors for indigenous companies capable of acquiring and proficiently managing these assets, resulting in heightened profitability and optimal utilization of their potential. To alleviate concerns about potential negative impacts, Lokpobiri assured Nigerians that the diversification would not harm Nigeria.
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