The Federal Government has formally received the report from the committee on compensatory contracts and others incentives for KAZTEC Engineering Ltd.
Kaztec Engineering Limited is a subsidiary of Chrome Group, an indigenous engineering and fabrication company owned by Emeka Offor.
The company’s fabrication yard on Snake Island, which houses Badagry Creek Industrial Park Free Trade Zone, licensed in 2014 was grounded in March 2015 when Addax Petroleum had tax issues with the Federal Government.
The grounding of the company also led to abrupt halt of the platform construction for oil production from Antan and Ofrima/Udele fields and unpaid salaries to workers, contractors, and vendors.
Receiving the report in Abuja, on Wednesday, the minister of State for Petroleum Resources, Timipre Sylva commended the committee for the work done.
“You were carefully chosen to be on this committee after M. President asked me to look into this matter and come up with some recommendations. I must say that you did a great job; we in the ministry are here as independent arbiters to ensure justice in the petroleum industry.
“Justice for our investors and justice also for Nigeria. I am happy that you have done a great job, we are going to go through your report and ensure that your recommendations are forwarded to the president and implemented,’’ he said
Earlier, Magnus Abbe, chairman of the committee, commended the president for the privilege to work toward reviving the grounded fabricated yard for the economic growth of the nation
He said the committee had earlier submitted an interim report which had made Nigerians to understand the situation on ground.