The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday said it has made a robust plan for the supply of petroleum products sufficient to last beyond the ember months and the New Year festivities.
Olufemi Soneye, the chief corporate communications officer of the company, disclosed this in a statement on Wednesday.
Mr Soneye said Mele Kyari, the group chief executive officer of the company, made the disclosure when he led the NNPC Ltd delegation on a courtesy visit to the Senate President, Godswill Akpabio, at the National Assembly in Abuja, on Wednesday.
“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 statement quoted Mr Kyari as saying.
While lauding the National Assembly for the critical roles it played in the enactment of the Petroleum Industry Act (PIA) 2021, according to the statement, Mr 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, Mr Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of N803 billion in 2018 to a profit position of N674 billion in 2021.
Mr Kyari explained that NNPC Ltd is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, noting that since July this year, the company has started paying dividends to its shareholders.
He said that the NNPC Ltd is involved in the entire value chain of the oil and gas business and controls about 30 per 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, Mr Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors has been yielding results, mostly in the area of increased crude oil production.
He added that the company 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, Mr Akpabio assured Mr Kyari of the 10th Senate’s support, saying that the Nigerian parliament appreciates the Mr 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 product supply this coming festive period and beyond,” the statement quoted Mr Akpabio as saying.
The Senate President also commended the rehabilitation of the nation’s three refineries, saying that their re-streaming will cause a multiplier effect on Nigeria’s economy, in line with the Bola Tinubu administration’s Renewed Hope agenda.
