The Managing Director of INGENTIA Energies Limited, Charles Odita, has stated that the inauguration of the PML 66 Host Communities Development Trust (HCDT) Board will significantly accelerate development in the company’s host communities.
Mr Odita disclosed this on Thursday in Port Harcourt during the inauguration of the Board of Trustees, describing the event as the culmination of extensive consultations and collaboration among stakeholders and the host communities.
He noted that the trust would provide a major boost to community development, highlighting that the Petroleum Industry Act (PIA) mandates oil and gas operators to contribute three per cent of their previous year’s operating expenditure to the HCDT.
According to Mr Odita, the funds will be managed by representatives of the host communities to implement priority projects tailored to their specific development needs. He expressed appreciation to stakeholders and the three host communities for their cooperation. He voiced confidence that this trust would strengthen relations between the company and its host communities while promoting sustainable development.
163 HCDTs incorporated to date
