OGFZA, A’Ibom Govt to establish oil & gas free zones

OGFZA, A’Ibom Govt to establish oil & gas free zones

 

 

 

The management of Oil & Gas Free Zones Authority – OGFZA led by the Managing Director, Mr. Umana Okon Umana, met with the Governor of Akwa Ibom State to discuss the establishment of Oil and Gas Free Zone in Akwa Ibom State

 

 

The Oil and Gas Free Zones Authority (OGFZA) and the government of Akwa Ibom State have set up a joint committee of six members to execute the establishment of oil and gas free zones in the state. The six member committee is made up of three members of the state’s executive council and three heads of department of OGFZA.

 

The project implementation committee is the outcome of a meeting between the state government and the management team of OGFZA in Government House, Uyo on Wednesday. Speaking from a prepared text on the occasion, managing director of OGFZA, Mr Umana Okon Umana described the meeting as “a continuation of the discussion between the Authority and the State for the establishment of the target free zones.”

 

He suggested possible locations for the project as Ibaka in Mbo Local Government Area, Ibeno in Ibeno Local Government Area and Ikot Abasi Local Government Area. He also briefed the governor on the regime of incentives available only at the oil and gas free zones to investors, including 75% import duty rebate.

 

Umana recalled that both parties to the project had met earlier on 5 May 2014 during which OGFZA and the Akwa Ibom State government agreed to their respective contributions to the establishment of the oil and gas free zones in the state. OGFZA had undertaken at the earlier meeting to make its expertise available for the establishment of a competitive Oil and Gas Free Zone with best global practices and to also help to fast-track all the paperwork and other regulatory issues required for the project.

 

On its part, the state government agreed to provide land for the project, meet the needed infrastructure need and make the necessary financial and other contributions for the successful execution of the project.

 

State Governor Udom Emmanuel, who led the government delegation to the meeting, said he was excited by the idea of oil and gas free zones in the state and promised his administration’s full cooperation and commitment to the project execution. “The state government would honour its commitment to the project,” Udom said.

 

The governor said he was “looking forward to collaborate with OGFZA to achieve such harbour,” adding, “We will catch up on this opportunity.”

 

Oil and gas free zone is a specialised vehicle for the attraction of oil-related investments to boost economic development and create jobs.

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