The Bureau of Public Enterprises (BPE) yesterday said the privatisation of refineries will only commence after the steering committee chaired by the Minister of Petroleum Resources meets to provide the guidelines for the transaction.
The Bureau said labour unions are critical stakeholders in the privatisation process and their consent will be sought before the exercise begin, the Bureau's spokesman, Chigbo Anichebe, said in the statement.
An earlier statement issued by the Bureau announced President Goodluck Jonathan's approval for the commencement of the privatisation of the nation's four refineries by the BPE.
The refineries are: Port Harcourt Refining Company Limited I and II; Kaduna Refining & Petrochemical Company Limited (KRPC); and Warri Refining & Petrochemical Company Limited (WRPC).
The President, according to the statement, also approved the constitution of a Steering Committee on the privatisation to be chaired by the Minister of Petroleum Resources and Ministers of Finance, Power, Labour, National Planning, Mines and Steel Development, Justice and as members.
Others include: Chairman of the Extractive Sub Committee of the NCP, SA to the Vice President on Economy, Group Managing Director of NNPC, Director General of BPE, Group Executive Director (Refineries), NNPC; MDs of Refineries Scheduled for Privatization ,and Director (Oil and Gas), BPE.
The Committee's terms of reference include among others, to advise the National Council on Privatisation (NCP) on the best way to privatise the refineries, propose modalities and make recommendations to NCP on labour matters to ensure the successful privatization of the refineries.