Abuja — Federal Government yesterday sought for Venezuela's investment in Nigerian's refineries as part of efforts to achieve successful deregulation in the downstream petroleum subsector.

Information and communication minister, Prof. Dora Akunyili while receiving the Venezuelan Ambassador, Enrique Fernando Arrundell said it was time for the Venezuela investors to come to Nigeria and invest in the building of refineries given the success achieved by Venezuela in her deregulation and refinery construction.

She said Nigeria and Venezuela has a healthy bi-lateral relations which should necessarily make Venezuela investors to take advantage of Nigeria's deregulation policy in the area of building refineries. According to Akunyili "with more investment into refinery building by foreign investors we feel it would create a level-playing ground and thereby bring down the price of petroleum products. "

Responding, the Venezuelan ambassador in Nigeria, Enrique Fernando Arrundell said while it is important for foreign investors to take advantage of the on-going deregulation policy in Nigeria it is equally important for the government to engage her credible business merchants in the process.

Sharing the Venezuelan experience which is a member of the Organization of Petroleum Exporting Countries (OPEC), he said Nigeria should take a cue from venezuela by ensuring that her petroleum products after deregulation is made available to her citizens at affordable prices.

The ambassador said there is no doubt that with good an efficient refinery system Nigeria's deregulation would be applauded by all and sundry because it would have ensured that importation of products would be reduced and thus save foreign exchange for the country.

It would be recalled that the present administration since assumption of office expresses its willingness to pursue the deregulation policy as a step to reform the petroleum downstream sector and as such has been working hard to ensure its accomplishment.