The Senate of the Federal  Republic of Nigeria has urged the International Oil Companies, IOCs, to submit their proposal for the setting up of the Host Communities Trust Fund for the panel’s perusal.

The Chairman, Senate Committee on Petroleum Resources (Upstream), Senator Bassey Akpan, who disclosed this at a meeting with oil companies, said the proposal is one of the major provisions in the Petroleum Industry Act, PIA.

During the meeting to announce the commencement of implementation of the Act, starting from this week, the Senator encouraged oil firms to start making plans to relocate both their operational base and headquarters to the Niger Delta.

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Specifically, he said, “We have set aside the month of October for our oversight activities. We have not been able to do so until now because we have spent the last 14 months working on the PIB.

“The Minister of State for Petroleum Resources said the executive is preparing comprehensive stakeholders meeting on the way forward.“The key issue that has been brought to the attention of the National Assembly is that of host communities.“We all know how apprehensive the host communities are, as regards the implementation of the bill, especially as it affects their interests.”

He added: “Also, the Senate motion, which led to the resolution that oil companies should relocate their operational base to their host communities, will receive the attention of the committee.’’

Vanguard News Nigeria