LAGOS— CHAIRMAN of the Senate Committee on Upstream Petroleum Resources, Senator Lee Maeba, weekend, clarified that the 10 per cent equity for oil granted to oil producing communities remained a valid section of the Petroleum Industry Bill, PIB, and can not be converted to cash.
The clarification followed online reports that the equity holding in the Petroleum Bill, currently undergoing legislative scrutiny at the National Assembly, might have been removed and replaced with a new provision to convert the equity to cash, as allegedly prescribed by the Presidential Adviser on Energy, Dr. Emmanuel Egbogah.
Read More:http://www.vanguardngr.com/2010/11/10-per-cent-oil-bill-still-valid-maeba/
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