Senate draws battle line with NNPCL boss Kyari over 12 trillion naira spending on refineries

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPCL), Mele Kyari, has assured the Senate that there will be no queues for fuel across the country in the next three months.

Speaking during a courtesy call to the Senate leadership on Wednesday, Kyari said the passage of the Petroleum Industry Act (PIA) ensured “security of energy supply and generation of cheaper energy” for Nigerians. Ta.

He said: “The company has a stable supply factory from now until next year. We have always had a three-month plan, and I assure you, sir, that there will be no shortage in our country.

Kyari also revealed that the oil major accounts for over 30% of the downstream sector of the oil and gas business, adding that NNPCL will “optimally provide” oil to consumers.

He said the country had recovered up to 1.7 million barrels of crude oil through increased monitoring and oversight of facilities by independent pipeline security companies and the military, linking challenges in the sector to oil theft and pipeline destruction. .

“Over the past five to six months, government security agencies and private security companies have been working in different ways and have achieved results,” he said.

Kyari further assured that NNPCL will restart its Port Harcourt refinery in December, followed by its Warri refinery in the first quarter of 2024. These will be complemented by small-scale refineries, he added.

He further claimed that NNPCL could post profits of over N2 trillion in 2023, adding that by next year, Nigeria will be a net exporter of petroleum products.

Meanwhile, Senate President Godswill Akpabio has tasked the management of NNPCL to explore ways to increase the consumption of locally produced petroleum products.

He also called for the creation of modular refineries and the upgrading of existing refineries to “generate synergies, including creating jobs for our teeming youth and strengthening national security.”


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