Kachikwu: govt is settling JV cash call debts

The Minister of State, Petroleum Resources, Dr Emmanuel Ibe Kachikwu, has given himself a pass mark.

Speaking during an interactive session with reporters on the sidelines of the offshore technology conference in Houston, Texas, United States, he listed the opening up of the downstream sector, private investment and diversification of products sourcing through the introduction of Price Modulation Mechanism (PMM) as some of his achievements.

Others are the appropriate pricing framework (APF) he inaugurated. The policies, he noted, have reignited the commercial vibrancy of the downstream sector with a landmark move from a subsidy based sector to a liberalised sector.

They also resulted in the elimination fuel scarcity and long queues at filling stations, products adulteration and diversion, and profiteering that characterised the sector and plagued the nation in the past. Kachikwu said his ministry had embarked on making the nation being a net exporter of the petroleum products