Oil producing communities to partner foreign investors on gas project.

     OIL-producing   communities   under the aegis of Host Communities of Nigeria Producing Oil and Gas, HOSTCON, have entered into a strategic partnership with a group of foreign investors to utilize the vast quantity of gas flared in the Niger Delta for electricity generation and fertilizer production.

    This was made known in a presentation to the Senate Committee on Petroleum Industry Management Bill by the National Chairman of HOSTCON, Mike Emuh, in Abuja.

Emuh, who did not disclose the identity of the foreign investors, said the investors would be responsible for financing the project and would be working in conjunction with the Federal Government, International Oil Companies, the Nigerian National Petroleum Corporation, Energy Commission of Nigeria, Ministry of Environment and the Ministry of Petroleum Resources.

   He, who called for the establishment of the Host Communities Petroleum Commission to manage the 10 per cent equity fund in favour of oil producing communities, also assured the National Assembly on the ability of professionals from the oil and gas producing states to manage the commission effectively when established.