Victor Ahiuma-Young
16 July 2008
Lagos — PETROLEUM and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has commended the resolve by African Petroleum (AP) management to offer 10 per cent out of the 60 per cent equity that Chevron Corporation is divesting from Chevron Oil Nigeria Plc and the association has decided to acquire it.
PENGASSAN said that before this development, the Association carried out an independent financial, technical and commercial analysis of AP Plc as core investor. It said that from a careful appraisal of its performance and management including its pedigree of commitment to integrity the union was convinced that AP Plc is the fastest growing major indigenous downstream Company with organisational stability that is easily be leveraged for fair and healthy, competition.
The association in a statement by its General Secretary, Comrade Bayo Olowoshile said "The other business virtues and prowess observed in AP Plc includes: greater confidence from investors, employees, suppliers, creditors and other financiers.
Others are "Customers satisfaction and products compliant with API standards, compliance to tax laws and other statutory obligations; well articulated corporate social responsibility; strategically positioned facilities, outlets networks and installations that are HSE compliant with routine environmental impact assessments of operation in line with set standard practice.
Backward integration arrangements for Local Refining in conjunction with NNPC, a laudable effort at challenging the status quo of petroleum pricing regimes driven by imported products; Strong commitments to public-private sector partnership on petroleum products pipeline distributions as being proposed in the Oil and Gas (OGIC) Policy Reforms".
According to the statement "There is a new horizon in the PENGASSAN leadership approach to labour and industry issues. We believe there are better ways of achieving result without compromising our divergent identities and principles."
"We need to protect our farm, "the Nigeria Oil and Gas Sector which has not been properly directed for optimisation and better yields". Our approach to member's job security, enhanced quality of work and work life, and guaranteed (immediate and future) social safety nets shall be a proactive, responsive, constructive, objective and pragmatic in manner.
We shall like to communicate, consult and engage partners and stakeholders in industrial relations bipartite or tripartite exhaustively before the recourse to use of WARTNA, that is, "Worst Alternatives to Reaching Negotiated Agreement".
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