Daily News

GACN holds workshop to review gas agreement template

0

Bank of China, Sinosure to finance $2.6bn AKK gas pipeline ― FGBy Mike Eboh

Nigeria’s strategic aggregator, the Gas Aggregation Company Nigeria Limited, GACN, yesterday, announced plans to facilitate a parley among industry stakeholders on the Master Gas Sale and Aggregation Agreements, GSAA, being adopted in connection with the sale of natural gas  in the Nigerian domestic gas market.

In a statement in Abuja, the GACN said the parley was aimed at enhancing and quickening the process for negotiation of gas sale agreements in Nigeria’s domestic gas market.

GACN explained that its decision to host the workshop, scheduled to hold September 16th and 17th, 2020, was in recognition of the increasingly dynamic nature of the Nigerian domestic gas market and a demonstration of its commitment to updating the Master GSAAs to reflect current market realities and ensure equitable risk allocation between parties to such agreements.

The aggregator noted that the workshop, which would be facilitated by a leading commercial law firm, Banwo & Ighodalo, would create a collaborative platform for stakeholders in Nigeria’s domestic gas industry to have in-depth discussions on the challenges and shortcomings of the domestic gas market and the existing Gas Master Agreements as well as proffer solutions to the identified challenges.

The GACN also expressed optimism that the workshop would contribute significantly to the ongoing efforts of the Federal Government of Nigeria to promote and deepen gas utilization and increase domestic gas consumption for the purpose of enhancing power generation and accelerating Nigeria’s industrialization.

It said: “Notwithstanding the challenges of presented in this year 2020, the Federal Government of Nigeria under the leadership of President Muhammadu Buhari, continues to record significant progress in the oil and gas sector. Under the able steering of the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva and the Group Managing Director of NNPC, Mallam Mele Kolo Kyari, the Ajaokuta-Kaduna-Kano, AKK, projects is steadily progressing.

READ ALSO: NPDC owed N2.9trn, records $5bn overdue taxes, others ― Report

“Petroleum Industry Governance Bill, PIGB, has been passed to the National Assembly for finalisation, The Network Code for gas transportation has become operational and a game-changing gas penetration initiative launched to convert petrol vehicles to gas underpinned by Liquefied Natural Gas, LNG and Compressed Natural Gas, CNG.

“The foregoing therefore presents an enabling backdrop for vital Gas sector stakeholders to key into the Governments vision bearing in mind the declaration of year 2020 as the Year of Gas by Chief Timipre Sylva and Mallam Mele Kolo Kyari.”

The guest speakers at the workshop, according to the GACN, included Hadiza Coomassie, the Secretary to the Corporation /Legal Adviser of the Nigerian National Petroleum Corporation (NNPC); Engr. Mansur Sambo, the Chairman of GACN and Managing Director of Nigerian Petroleum Development Company Limited (NPDC); and Mr. Olalekan Ogunleye, the Managing Director/Chief Executive Officer of GACN.

Others are Mr. Ken Etim, the Managing Partner of Banwo & Ighodalo; Yemi Famori, the Gas Porfolio Manager of Shell Petroleum Development Company of Nigeria Limited and Mr. Manish Mundra, Managing Director of Indorama Eleme Petrochemical Limited.

Vanguard

FG lauds Igbokwe on chairing world leading entertainment coy

Previous article

Tensions Soar Over Australia’s ‘Heartbreaking’ Border Closures

Next article

You may also like

Comments

Leave a Reply

More in Daily News