India has replaced the United States of America as the largest importer of
\nNigeria\u2019s crude with China and Malaysia following closely.<\/p>\n
The US which had traditionally taken the bulk of Nigeria\u2019s crude has in
\nrecent months drastically reduced its demand which now stands at about
\n250,000barrels per day. India however now purchases some 30 percent of
\nNigeria\u2019s daily crude production which currently hovers around 2.5million
\nbarrels.<\/p>\n
Speaking in Moscow, Russia at the on-going 21st World Petroleum Congress,
\nCoordinator Corporate Planning and Strategy, Nigerian National Petroleum
\nCorporation, Dr. Tim Okon told newsmen that the Asian countries have since
\nreplaced the US.<\/p>\n
Dr. Okon who also doubles as the Director of Transformation of the NNPC
\nexplained that Nigeria would not ignore any market in its quest to remain
\ncompetitive in the global oil and gas industry.
\n\u201cAsia is important and in that respect we have regards for all markets;
\nthe important thing is to make sure that you are selling the products
\nthat you have and you do not ignore any market\u201d.<\/p>\n
He noted that Nigeria is participating in the congress to access global
\nbusiness opportunities in the petroleum industry especially in the gas
\nsub-sector to enable it to position itself as a major competitor in the
\nhydrocarbon market.<\/p>\n
He said as a natural resource rich country, Nigeria is working hard to do
\na better job in developing such resources and translating them to the
\nwider economy.<\/p>\n
While stressing that the country does not have preference markets for its
\nproducts, he however admitted that the Petroleum Industry Bill currently
\nbefore the National Assembly needs to be passed into law to enable the
\ncountry to maximize its potentials in the oil and gas industry.<\/p>\n
\u201cI cannot talk about future incentives if the principal law that would
\ngive birth to it has not been passed but I want to say that the general
\nintention is that Nigeria must compete in the market place and our fiscal
\nsystems are designed to be competitive that would lead to good outcomes
\nfor the country,\u201d observed Dr. Okon.<\/p>\n
\u201cIt is always helpful to do things in a timely manner and that is an
\nimportant point to stress. Many of the countries that were trying to get
\nnew legislations passed like Ghana, Brazil, Mozambique and even Uganda
\nhave passed their legislation. So I think timeliness is of the essence,\u201d
\nthe Coordinator noted.<\/p>\n
Roundly regarded as the global oil and gas industry equivalent of the
\nOlympics, the World Petroleum Congress is the biggest congregation of oil
\nand gas experts on the global stage. The Congress essentiality consists of
\nan exhibition and conference.
\nNigeria\u2019s participation at the 2014 WPC is anchored on the theme
\n`Harnessing Nigeria\u2019s Gas Resources for Sustainable National and Regional
\nDevelopment\u2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
India has replaced the United States of America as the largest importer of Nigeria\u2019s crude with China and Malaysia following closely. The US which had traditionally taken the bulk of…<\/p>\n","protected":false},"author":1,"featured_media":28130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-28129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n