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COMMERCIAL LICENSE REQUIREMENTS

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Wholesale Gas Supply License Requirements                                                                                                                  May 2023 
 
 
 
GAS TRADING AND SETTLEMENT LICENCE 
REQUIREMENTS 
 
The Gas trading and settlement licence requirement is made pursuant to the 
provisions of Sections 126 & 159 of the Petroleum Industry Act, 2021.  
 
Licence Validity: Ten (10) years  
1 
GENERAL / COMPANY INFORMATION 
a. Evidence of Registration with Security and Exchange Commission (SEC) 
b. Copy of Certificate of Incorporation 
c. Memorandum and Articles of Association with clearly defined clauses on 
Gas trading & settlement   
d. Company’s Tax Clearance Certificate (For Three (3) preceding) Years) 
e. Duly completed Application Form  
f. Detailed Company business plan  
g. Proof of Technical / Commercial competence – Company organogram  
2 
FINANCIAL REQUIREMENT 
a. Evidence of payment of applicable license fee and processing fees. 
b. Three (3) years financial projections, to include all recurrent and capital 
costs. 
c. Three (3) years Audited financial statements. 
d. Detailed Project Viability plan with the following details: 
I. 
Requirement of the capital expenditure of the proposed Gas trading 
platform or the Clearing Corporation,  
II. 
Funding sources of the proposed Gas Trading Platform. 
III. 
Management and administrative structure of the proposed Gas 
Trading and the manpower requirement.  
IV. 
Infrastructural facilities available/ proposed to be acquired by the 
trading and settlement platform. 
 
3 
TECHNICAL REQUIREMENT 
a. Evidence of establishment of a Natural Gas Management model