Library / Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022

Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022

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(b) 
Annual report under Regulation 22(1)(c); 
 
(c) 
Disclosure of allowances paid to the members of the Council. 
 
(10) The Council shall indicate on the Funds website that the yearly accounts of the Fund 
have been disclosed with a link to the information. 
 
 
Transaction advisor 
 
22.  (1) The Fund shall appoint a transaction advisor pursuant to section 52(11) and selected 
pursuant to section 52(12) of the Act. Such engagement shall be on a need basis only. 
 
(2) A transaction advisor shall be independent, competent, and have an applicable licence 
issued by a competent authority in Nigeria, where the nature of services provided to the 
Fund requires a licence under the law. 
 
(3) A transaction advisor shall not – 
 
(a) 
participate in the implementation of the investment project for which the 
services were engaged; and 
 
(b) 
provide transaction advisory services to any bidder in the process of bidding 
towards participating in the implementation of the investment project in 
which that transaction advisor has previously provided advisory services to 
the Fund. 
 
(4) Where the Fund decides to engage the services of a transaction advisor, subject to the 
rules and regulation provided in the Act, the Council shall approve the selection criteria and 
the final selection of a transaction advisor. 
 
(5) The transaction advisor shall in performing its duties submit to the Fund report of its 
findings and recommendations, all documents related to the assignment, and the project 
financial and economic models.  
 
 
Interpretation 
 
23.  In addition to the definitions contained in the Petroleum Industry Act, 2021 the following 
definitions shall apply to these Midstream Gas Infrastructure Fund Regulations.  
 
“Act” means Petroleum Industry Act, 2021. 
 
“midstream gas infrastructure” means infrastructure for midstream gas operations, as 
defined in the Act. 
 
“Ministry” means the Ministry of Petroleum Resources. 
 
“natural gas” shall have the meaning as defined in the Act. 
 
 
Short title 
 
24.  These Regulations may be cited as the Midstream Gas Infrastructure Fund Regulations.