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Nipco Plc, a foremost indigenous downstream operator, has embarked on a number of initiatives to help its employees understand the fundamentals of the Petroleum Industry Bill and impending downstream oil sub sector deregulation.

This, according to the company's Managing Director, Mr. Girish Sanadhya, will enable its workforce unearth the inherent benefits of the oil industry reform to the company and the nation as a whole.

A statement signed by Nipco's Corporate Affairs Manager, Mr. Taofeek Lawal, on Tuesday, revealed that Nipco recently gathered industry experts to prepare its personnel on what deregulation holds in stock for stakeholders in the sector.

Sanadhya was quoted as saying that proper understanding of the basic premise upon which the on going reform would be predicated was very imperative for the human capital that would drive its implementation.

Represented by the Senior Manager, Sales and Marketing, Nipco, Mr. Victor Adeyemi, at a sensitisation training programme with the theme: Downstream Oil Deregulation – Prospects & Challenges, Sanadhya noted that the topic was very apt and timely in view of the proposed transformation of Nigeria's oil and gas industry as elucidated in the PIB.

With technical support from Hybrid Consulting Limited, Nipco gave its employees insight into the likely consequences of the reform on key players in the sector and the populace as the end users of the nation's hydrocarbon resources.

Sanadhya stressed that for the company to remain a major force to reckon with in the industry its key personnel must be well exposed to relevant industry information that would enable them act proactively and operate optimally.

He recalled that deregulation of the downstream sector had been taunted by successive administration as a way out of the perceived under utilisation of the nation's hydrocarbon resources and the opening up of the sector for genuine investors.

The Nipco MD noted that several positions had been taken on the need or otherwise of the policy which government was trying to synthesize to make the scheme workable in the overall interest of the nation.

He maintained that Federal Government had remained highly responsive by giving a listening ear to all shades of opinion on the subject matter, a feat that may have accounted for the ongoing consultations with all stakeholders before the policy comes on stream.

He further reiterated management's resolve to continue to provide enabling environment for its entire workforce to ruminate on issues of national concern like the PIB as part of her contribution to the growth of the industry in particular and the entire economy in general.

'We believe that employee development is key to the success of our various initiatives and we will continue to develop, empower and motivate our human resources adequately,' Sanadhya said.

The two-day extensive programme dissected the PIB and the expected roles of all stakeholders as it relates to the downstream sector with participants broken into several syndicate sessions for practical case studies on the reform and the practices in other oil producing countries in the Middle East and America.