Gas Flaring Prohibition Law Passage Excites TUC

The Trade Union Congress (TUC), has expressed satisfaction over the second reading of the petroleum industry Bill and the passage of the Gas flaring prohibition Act 2009 by the senate, saying it foresees the emergence of a new national oil company after the passage of both bills.

In a statement, the President-General, Peter Esele, and the secretary, John Kolawole said “These bills will definitely change the way business in the oil and gas sector which is the number on revenue earner for the country, is run.

“The passage of the Gas prohibition Act and the successful second reading of the petroleum Industry Bill, are commendable as they are coming at a period when the entire National Assembly is under intense public bashing over what they perceived as under-performance. It shows that our law makers are waking up to their primary responsibility which is to make good laws for the country.

“We reckon that when the petroleum industry bill is finally passed into law, it will aiming others, remove the country from the shackles of International Oil Companies (IOC) that have constantly harassed and undermined our system”.

They added that it would also help in the specialisation of the Nigerian National Petroleum Corporation (NNPC), as it would remove the organisation from the present status of “Jack of all trades and master of none”, and make it to a more serious business entity capable of challenging other oil majors, the world over.

The congress said the bill would give birth to a corporation that is financially in dependent and that can stand on its own, ‘without having to rush cap-in-hand to the federation Account committee to beg for funds as it can raise funds both the domestic and international markets”.

TUC also foresees a new national oil company that would emerge out of this process as having the boldness to enter into partnership agreement with key players in the private sector through significant equity holdings and also take care of some legal and institutional framework that would allow NNPC to continuously use the multiple instruments of policy making, regulations and different strategies of commercial operations to create an industry that would conform at all times to global best practices in all relevant parameters.

“We therefore urge members of the House of Representatives to without further delay; commence deliberations on the bill, as the bill is essential to the survival of the nation’s oil and gas industry.

A gas flaring point in Ogoniland