Oil marketers, represented by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have urged the federal government and key stakeholders to establish the Energy Bank of Nigeria (EBN) to support funding for critical projects in the downstream oil sector, including refineries.
Dr. Billy Gillis-Harry, the National President of PETROAN, emphasized the need for the Energy Bank to be funded with a minimum of $15 billion to cater to the financial needs of players in the oil and gas industry. He disclosed that PETROAN is in discussions with foreign oil refiners from the United States, Kazakhstan, and Asia to partner in building a new refinery in Nigeria, with the expectation of government support through a sovereign guarantee.
Gillis-Harry highlighted that the establishment of the Energy Bank would enable marketers to undertake projects that would enhance production in key sectors like the petroleum downstream and midstream sector, contributing to the country's economic growth.
He stated that the Energy Bank of Nigeria would serve as a local institution to safeguard investments and build confidence among foreign investors and financial institutions. Gillis-Harry reiterated PETROAN's commitment to advocating for the Energy Bank's establishment and expressed optimism about garnering support from various stakeholders in the industry.
