SECTION

1.   Establishment of the Petroleum Technology Development Fund.

2. Purposes of the Fund.
3. Disbursements from the Fund.
4. Short title, interpretation and repeal.

An Act to repeal the Gulf Oil Company Training Fund (Administration) Act 1964;and to establish the Petroleum Technology Development Fund for the purposes of training and education of Nigerians in the petroleum industry.

[1973 No. 25.]

[4th June, 1973]

[Commencement.]

1. Establishment of the Petroleum Technology Development Fund

There is hereby established a fund to be known as the Petroleum Technology Devel-
opment Fund (in this Act referred to as "the Fund") into which shall be paid moneys
comprising the following, that is to say-

       (a)              the balance of monetary assets outstanding in the accounts of the Gul fOil
Company Training Fund at the commencement of this Act;

       (b)              all further sums payable to or received by the Minister charged with responsi-
bilities for matters relating to petroleum development in terms of any agree-
ment made by the Government and any company in relation to petroleum oil
prospecting or mining concessions; and

      (c)               any other sums, from time to time, freely donated or accruing to the Govern-
ment or the Fund for the training and education of Nigerians in the petroleum
industry as the said Minister may direct,

and moneys in the said Fund together with interest (if any) payable in respect thereof
shall be applied Ior the purposes specified in section 2 of this Act.

2. Purposes of the Fund

The Fund shall be available for the purposes of training Nigerians to qualify as gradu-
ates, professionals, technicians and craftsmen, in the fields of engineering, geology, sci-
ence and management in the petroleum industry in Nigeria or abroad; and in particular;
and without prejudice to the generality of the foregoing, the Fund shall be utilised as fol-
lows-

       (a)       to provide scholarships and bursaries, wholly or partially in universities, col-
leges, institutions and in petroleum undertakings in Nigeria or abroad;

       (b)       to maintain, supplement, or subsidise such training or education as specified in
paragraph (a) of this section;

      (c)       to make suitable endowments to faculties in Nigerian universities, colleges, or
institutions approved by the Minister;

      (d)       to make available suitable books and training equipment in the institutions
specified in paragraph (c) of this section;

      (e)        for sponsoring regular or as necessary visits to oilfields, refineries, petro-
chemical plants, and for arranging any necessary attachments of personnel to
establishments connected with the development of the petroleum industry; and

 (f)         for financing of and participation in seminars and conferences which are con-
nected with the petroleum industry in Nigeria or abroad.

3. Disbursements from the fund

Disbursements from the fund shall be applied in accordance with rules made under
section 23 of the Finance (Control and Management) Act.

[Cap. F26.]

4. Short title, interpretation and repeal

(1) This Act may be cited as the Petroleum Technology Development Fund Act.
(2) In this Act, "the Government" means the government of the Federation.

(3) The Gulf Oil Company Training Fund (Administration) Act 1964 is hereby re-
pealed.

[1964 No. 32.]