MOMAN Chairman calls for increased investments in LPG

Oredola Adeola

Executive Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Tunji Oyebanji, has called on the Federal Government, stakeholders and investors in the Nigerian oil and gas sector to increase investments in the production of Liquefied Natural Gas (LNG). He made this known in an exclusive interview with EnergyDay Nigeria on Tuesday in Lagos.

According to him, Nigeria is a gas nation that has some crude oil. He noted that the country’s abundance gas reserve needed to be optimised to fund the country’s budget and fix infrastructure.

Speaking on energy transition, Oyebanji who doubles as the Managing Director/ Chief Executive Officer of 11 PLC, formerly known as Mobil Plc, restated MOMAN’s commitment to Federal Government’s declaration of 2020 as a Decade of Gas.

He said, “As major marketer of petroleum product in Nigeria, our members are now focused on investments in LPG and other petrochemicals. We have increased investments in gas storage facilities to meet growing domestic demand for cooking gas.

“MOMAN is committed to reducing CO2 emission standard this is why we are doing all in our capacity to limiting the carbon and sulphur content in some of our lubricants.

“Nigeria is going to witness more investments in the gas sub-sector in compliance with the push towards achieving the goal of net zero emissions globally by 2050.

“Since this is the decade of Gas, there is growing demand for gas- powered vehicles and machines including cars, trucks and turbine. Nigeria’s would see huge investments in utilisation of gas than petrol and other fuels.

He however cautioned that the energy transition is not just going to see Nigeria’s sudden switch from Petrol to renewables , noting that crude oil would still continue to be a major source of energy but charged stakeholders to be committed to balancing the energy mix