Abuja, Nov. 23, 2023: The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has made a robust plan for the supply of petroleum products sufficient to last beyond the ember months and the new year festivities.
The NNPC Ltd. said the supply of petroleum products, especially the Premium Motor Spirit (PMS), known as petrol would last beyond the Yuletide and new year festivities.
The Group Chief Executive Officer, NNPC Ltd., Malam Mele Kyari said this when he led an NNPC Ltd. delegation on a courtesy visit to the Senate President, Sen. Godswill Akpabio, on Wednesday in Abuja.
Kyari, in a statement by Olufemi Soneye, Chief Corporate Communication Officer, NNPC Ltd. said by the creation of the National Assembly, NNPC Ltd. was saddled with the responsibility of guaranteeing Nigeria’s energy security which was 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.
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 gave birth to a new commercially oriented National Oil Company, governed by the Company and Allied Matters Act (CAMA) principles.
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.
According to him, NNPC Ltd. is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, and since July, 2023 the Company has started paying dividends to its shareholders.
He also said that the NNPC Ltd. was 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.
He identified crude oil theft and pipeline vandalism as major challenges to the Company’s business.
Kyari further said the recent collaboration with the nation’s security services as well as third-party security contractors had been yielding results, mostly in the area of increased crude oil production.
The GCEO said NNPC Ltd. was investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
He 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.
Akpabio said that the Nigerian Parliament appreciated 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 re-streaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda.
