FG mulls tariffs review for IOCs, others in free zones

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The Federal Government is planning a downward review of the tariffs International Oil Companies (IOCs) and other investors operating in the oil and gas free zones pay to its coffers, The Nation reports.

It was gathered that the plan to review the tariffs paid by the local and foreign investors in the zones, have reached an advanced stage and may come to an end as soon as other stakeholders provide their inputs on the issue. A source, who does not want to be mentioned, said investors would pay less in importing oil and gas machineries/ equipment when the exercise is completed.

Oil and Gas Free Trade Zones Authority (OGFZA) Managing Director, Dr Umana Okon Umana, affirmed this during an interaction with investors in Onne, Port Harcourt, Rivers State, when he said multinational oil companies, the OGFZA, National Petroleum Investments Management Services (NAPIMS) and other licencees are going back to the drawing board, with a view to provide a new tariff structure that would take care of operators’ interest in the zones.