The President of PENGASSAN, Comrade Engr. Festus Osifo, during the press briefing, officially presented the communique of the 2024 PENGASSAN Energy and Labour Summit to the media correspondents in Lagos and also called on the Federal Government to urgently fix the four (4) national refineries and divest the majority share to the private sector.
According to him, the refineries should be modelled after the Nigerian Liquefied Natural Gas (NLNG) model, which he said has been successful.
“Ramping up efforts to make the nation's four refineries work, once operational, the government should divest majority shareholdings and own at most 49% of the shareholding in the four refineries. Core investors will be brought in to take the 51% as applicable in NLNG”.
He called on the Federal Government to stabilise the exchange rate which he says is the main problem the economy is facing today.
According to the communique, no country floats its currency like Nigeria did to the Naira and will not run into trouble. No country allows its currency to float anyhow”.
The Association also urges that the government increase its stakes in Dangote Refinery from 7% to 45% to ensure energy security in the country.
He expressed dismay at the situation whereby the inter-land petroleum depots in six geopolitical zones of the country are dilapidated and advised the government to get the depots fixed in collaboration with the private sector to ensure the smooth distribution of petroleum products and enhance the national strategic reserve. 
Among other things, the Association also advised the government to include the use of digital technology to curtail oil theft, re-engineer security architecture, and ensure the ease of doing business by reducing bureaucracies or complex regulations that make the gas investment unattractive to investors, among others.
In the upstream, the Association suggested an amendment of the PIA to include the divestment framework, noting that the previous divestments are not yielding results as the companies lack the financial capacity to sustain and expand the divested oil wells.
In conclusion, he also enjoined the Nigerian Energy sector to leverage Artificial Intelligence (AI) advancement to improve productivity and sustainability and tackle oil theft and smuggling.