PETROAN calls for establishment of “energy bank” to fund downstream oil sector enterprises

Oil marketers under the aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have called on the federal government and other stakeholders to consider establishing the “Energy Bank of Nigeria (EBN)” to facilitate the funding of productive ventures in the downstream oil sector such as refineries. The National President of PETROAN, Dr Billy Gillis-Harry made the call on behalf of his members, saying that the energy bank should be funded to the tune of $15 billion at the minimum to be able to cater to the funding needs of players in the oil and gas industry. This was just as he revealed that his association is currently in talks with three foreign oil refiners from the United States, Kazakhstan, and Asia to partner with it in building a new refinery in Nigeria, with the Federal Government expected to support the project with some form of sovereign guarantee.