The chief executive officer (CEO) of 7Energy, Phillip Ihenacho, has expressed deep concern over the challenge to address price of gas in the country. Ihenacho is also worried that the inability of customers to offset the huge gas debt is threatening the industry.
He said that the company has invested about $800,000,000 to boost gas infrastructure but all the efforts are being hampered by the current price regime and huge debt profile of customers. He noted that most of the pronouncements of the previous administration were in connection with the domestic supply obligation of the international oil companies (IOCs). He explained that the previous government requested that the IOCs supply gas at a certain price and that price was below the commercial price of gas. He stated that the previous government tried to encourage the IOCs to consider supplying gas to the domestic market by making pronouncements of higher gas prices, but argued that in an ideal world, there should be no government intervention on gas prices.

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