The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Ltd., Mele Kyari yesterday said the Company has already made a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient to last beyond the ember months and the new year festivities.
Kyari disclosed this when he led
an NNPC Ltd. delegation on a courtesy visit to the Senate President, Senator
Godswill Akpabio, at the National Assembly in Abuja.
Chief Corporate Communications
Officer, Mr. Olufemi O. Soneye, made this known in a press statement.
The statement quoted Kyari as
saying "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."
While lauding the National
Assembly for the critical role it played in the enactment of the Petroleum
Industry Act (PIA) 2021, Kyari said that this legislative endeavour had given
birth to a new commercially oriented National Oil Company (NOC) that is
governed by the Company & Allied Matters Act (CAMA) principles.
Speaking further, Kyari stated
that with the passage of the PIA 2021, NNPC Ltd's profitability margins have
significantly risen growing from a loss position of N803billion in 2018 to a
profit position of N674billion in 2021.
Kyari noted that NNPC Ltd. is
targeting a profit increase of N2trillion when the 2022 Audited Financial
Statements (AFS) are released, adding that since July this year, the Company
has started paying dividends to its shareholders.
He also said that the NNPC Ltd.
is involved in the entire value-chain of the oil and gas business and controls
about 30per cent of the nation's petroleum downstream retail market.
While identifying crude oil theft
and pipeline vandalism as major challenges to the Company's business, Kyari
said the recent collaboration with the nation's security services as well as
third-party security contractors have been yielding results, mostly in the area
of increased crude oil production.
The GCEO said NNPC Ltd. is
investing in several gas and power projects across the country, aimed at
supporting the Federal Government’s power generation and industrialisation
aspirations.
He further assured that NNPC Ltd.
is working assiduously to revamp local refining of petroleum products and
collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter
of petroleum products.
In his response, the Senate
President, Godswill Akpabio assured the GCEO of the 10th Senate's support,
saying the Nigerian Parliament appreciates the Kyari-led Management for its
commitment to ensuring robust petroleum products supply during the yuletide
period.
“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 also lauded
the rehabilitation of the nation's three refineries, saying that their
restreaming will cause a multiplier effect on Nigeria's economy, in line with
this administration's Renewed Hope Agenda," Akpabio observed.
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