The Minister of State for Petroleum, Mr. Odein Ajumogobia, has said that the petroleum industry Bill would protect interests of local and foreign investors.

Mr. Ajumogobia made the clarification in an interview with newsmen at the just concluded Nigeria Oil and Gas seminar in Abuja.

He said that the Federal Government had adopted two strategies to attract new investments and re-position the industry while also seeking to create the enabling environment for existing investments to thrive.

The Minister said that it was only the bill that could address all the concerns of investors and those of the people of the Niger Delta.

Mr. Ajumogobia said that when passed, the Bill would protect and restore confidence of investors to continue to partner with the Federal Government.

The Minister said that this was with a view to making changes in response to fears expressed by some international oil companies about tax implications of the new Bill.