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Gas Trading and Settlement Regulations 2023

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B 147
S. I. No. 12 of 2023
Commence-
ment
PETROLEUM INDUSTRY ACT, NO. 6, 2021
GAS TRADING AND SETTLEMENT REGULATIONS, 202
[14th Day of March, 2023]
In the exercise of the powers conferred on it by sections 33, 126 and 159 of the
Petroleum Industry Act, No. 6, 2021 (“Act”) and all other powers enabling it in
that behalf, the Nigerian Midstream and Downstream Petroleum Regulatory
Authority (“Authority”)  makes these Regulations —
PART I — OBJECTIVES AND APPLICATION
1. The objectives of these Regulations are to —
(a)  regulate the establishment and operations of gas trading and
settlement exchange platforms ;
(b)  establish the principles for the secure, reliable and efficient trading
and settlement of natural gas and other gas commodities ; and
(c)  promote and sustain the efficient and robust gas trading, exchange
and settlement of natural gas and other gas commodities.
2.  These Regulations shall apply to activities connected to the
establishment of secure, reliable and efficient trading and settlement systems
for natural gas and other gas commodities on exchange platforms regulated
by the Authority.
3.  The persons qualified to participate in a gas trading and settlement
exchange are —
(a)  exchange operators ;
(b)  natural gas transmission line operators ;
(c)  gas producers ;
(d)  gas aggregators ;
(e)  gas shippers ;
(f )  wholesale gas suppliers, gas distributors, gas retailers and wholesale
gas consumers ;
(g)  gas facilities and terminals or gas importers ;
(h)  network operators ;
(i)  clearing houses ;
(j)  participants of the exchange ;
(k)  members of clearing house ;
(l)  gas transporters ;
(m)  gas storage providers ;
(n)  gas exporters ;
(o)  any other party transacting on the exchange ; and
(p)  potential exchange participants ;
Objectives
Application
Qualified
persons