Business a.m
Mele Kyari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd.),has confirmed that the company has developed a robust plan for the sufficient supply of petroleum products, particularly petrol, for the ember months and the new year celebrations.
Kyari made the announcement during a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja on Wednesday, accompanied by an NNPC Ltd. delegation.
“By the creation of the National Assembly, NNPC Ltd. is saddled with the
responsibility of guaranteeing Nigeria’s energy security which is critical to national
security. We have made a robust plan for the forthcoming end of the year
festivities and beyond. We do not see any shortages in the petroleum products
supply for the period,” the GCEO added.
Kyari commended the National Assembly for its role in the passage of the Petroleum Industry Act (PIA) 2021, saying that the law had established a new, commercially oriented National Oil Company (NOC) governed by the Company and Allied Matters Act (CAMA) principles.
Kyari went on to say that the enactment of the PIA 2021 has led to a significant increase in the profitability of NNPC Ltd., as its profits have grown from a loss of N803 billion in 2018 to a profit of N674 billion in 2021.
The NNPCL chief also noted that the company is projecting a profit increase of N2 trillion when the 2022 Audited Financial Statements are released, adding that the company has already started paying dividends to its shareholders since July. He pointed out that NNPC Ltd. is involved in every aspect of the oil and gas value chain, and controls approximately 30 per cent of Nigeria’s petroleum downstream retail market.
Kyari said that NNPC Ltd. has been working with security agencies and third-party contractors to combat crude oil theft and pipeline vandalism, and that these efforts have resulted in increased crude oil production. In addition to this, Kyari noted that NNPC Ltd. is investing in several gas and power projects in order to support the Federal Government’s goals of increasing power generation and industrialization. The projects include the AKK Gas Pipeline project, the NNPC-CNL JV gas investment in Escravos GTL and the OB3 gas pipeline project.
Kyari further assured that NNPC Ltd. is making every effort to restore local refining of petroleum products and is collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.
In his response, Godswill Akpabio, the Senate President, thanked the GCEO for his visit and assured him of the support of the 10th Senate. Senator Akpabio praised the Kyari-led management team for its dedication to ensuring a reliable supply of petroleum products during the festive season.
“Nigerians always want to hear good news. We are glad that you have made
robust plans to provide sufficient products supply this coming festive period and
beyond,” Akpabio stated.
The senate president commended the ongoing rehabilitation of the nation’s three refineries, saying that it would have a positive impact on the country’s economy, in line with the Renewed Hope Agenda of the current administration. He said that the refineries would create jobs and contribute to the development of the oil and gas sector, as well as reduce the country’s reliance on imported petroleum products
