Nigeria to establish an oil and gas Export Free Zone

Apr 29, 1999 02:00 AM

The Nigerian government is scheduled to establish an oil and gas Export Free Zone to attract international investors for the development of the country's petroleum industry.
Managing Director of Nigeria's National Petroleum Investment Management Services Grey Ero revealed this at a briefing of the Exploitation and Production Committee for Conferences in the petroleum industry.
Ero said that the export free zone would group together industries operating in the oil and gas sector throughout west Africa to facilitate registration to enter the oil and gas market.
According to him, the zone would also provide opportunities to sell products and devices to the entire west African market, and to stream stocks between various countries within the sub-region.
Ero noted that "the Export Free Zone would guarantee free movement of cargo arriving in the zone as it does not require pre-inspection from countries of origin, exempts the operators in the zone from taxes and permits repatriation of profits."
He pointed out that the zone would aid investors coming into the country to help realise its dream of reaching a daily crude oil production of 4 mm bpd, and a target of 40 bn barrels reserve by the year 2010.
Ero will lead some members of the committee to debut at the offshore technology conference in Houston, Texas of the United States, from May 3 to 4 at which Nigeria would cash in on the opportunity to showcase its huge oil and gas reserves and incentives including the oil and gas Export Free Zone to the world.

Source: Xinhua via Newspage
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