The Senate President David Mark during the 2-day Senate public hearing on the new Petroleum Industry Bill commenced yesterday, cautioned the International Oil Companies (IOCs) no to threaten to turn their back on the country because of the new law.

David Mark in his reactions to the complaints raised by the oil firm said that Nigeria should be the most important in the minds of the oil and gas industries and also urged the joint committee and all stakeholders to put Nigerians first in the fashioning of a new oil law for the country.

In the new law, the powers of the Minister of Petroleum Resources included supervising all institutions of the industry, not just the state oil company and the current bill also states that anyone who does not comply with the oil minister’s orders can be fined or jailed.

Speaking in the Public Hearing, Mrs. Deziani Alison Madueke, Petroleum Resources Minister in her view said the new PIB is programmed to check further abuses in the oil industry, adding that the provisions of the new PIB are in accord with international best practices obtainable in Malaysia, United Kingdom and Norway.

She further purported that the full and efficient implementation of any law as robust as the PIB, took a number of years, adding that law of such complexity was not decidinded overnight. She also added that the bill is therefore not one to be personalized or politicized but put forward for the benefit of the nation and the economy.

The Senate President, David Mark said that there is need to speed up action to rectify issues on the bill as no narrow-minded views would be allowed and whatever the position should be in the interest of the nation.

The Oil Firm complained fervently that if the bill is passed, Nigeria will be operating the harshest policy in the world insisting that several part of the bill should be amended.