The Nigerian oil industry, the Crude Oil Refineries-owners Association of Nigeria (CORAN) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its decision to enforce domestic crude supply obligations.
This new development is seen as a crucial step towards enabling local refineries to optimize production and make refined products more readily available in the Nigerian market.
CORAN expressed its gratitude following a meeting with NUPRC officials in Abuja, where discussions centered on the implementation of fines and the withdrawal of export licenses.
Chairman of CORAN, Momoh Jimah Oyarekhua, praised the commission for fostering a constructive dialogue and being fair-minded in its conversations with producers.
CORAN had recently engaged in talks with government agencies, including the minister of state for petroleum, Heineken Lokpobiri, to boost crude oil supply to its members and reduce fees paid to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for refining local products.
The association also advocated for the establishment of a Refinery Intervention Fund to support local refineries in expanding their production capacity.