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Mele Kyari, CEO of NNPC Ltd, said the company already has plans in place to supply petroleum products, especially premium motor spirit (PMS), also known as gasoline, and that the He said he has plans in place that will last well beyond the New Year’s celebrations.
Mr. Kyari disclosed this on Wednesday when he led a delegation of NNPC Ltd to pay a courtesy call on the President of the Senate, Senator Godswill Akpabio, at the National Assembly in Abuja.
“With the establishment of the National Assembly, NNPC Ltd has assumed the responsibility of ensuring Nigeria’s energy security, which is critical to national security. “We do not expect there to be any shortages in the supply of petroleum products during this period,” the GCEO added.
While praising the important role played by the National Assembly in enacting the Petroleum Industry Act (PIA) 2021, Mr. Kyari said that the unparalleled legislative effort has ensured that a new commercially oriented National Oil Company (NOC) controlled by the company will be He said he was born. and the Principles of the Allied Matters Act (CAMA).
Kyari further said that the passage of PIA 2021 has significantly increased NNPC Ltd’s profit margins, growing from a deficit of $803 billion in 2018 to a surplus of N274 billion in 2021.
Kyari said NNPC Ltd is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statement (AFS) is released, while the company has started paying dividends to shareholders since July this year. he added.
He said that NNPC Ltd is currently involved in the entire value chain of the oil and gas business and controls over 30% of the retail oil market in the country.
Kyari points out that oil theft and pipeline vandalism are major challenges to the company’s operations, while recent collaborations with domestic security services and third-party security contractors have primarily helped reduce oil production. He said the company is making progress in the area of growth.
The GCEO said NNPC is investing in multiple gas and power projects across the country with the aim of supporting the federal government’s power generation and industrialization ambitions.
He said NNPC Ltd is keen on revamping local oil refining and working with local refiners to make Nigeria a net exporter of petroleum products.
Accordingly, Senate President Godswill Akpabio assured the GCEO of the support of the 10th Senate, which ensured a steady supply of petroleum products during the Christmas period and also secured a stable supply of NNPC in 2018. He said that he highly values the commitment of the career-led management team to do this. The path to monetization.
“Nigerians always want to hear good news. We are glad that we have a strong plan in place to ensure we have enough products during this festive period and beyond,” Akpabio said.
The Senate President also commended the rehabilitation of the country’s three refineries, saying their restart will have a multiplier effect on the Nigerian economy, in line with the current administration’s ‘New Hope’ agenda.
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Source: guardian.ng