Fuel deregulation: NNPC says committed to FG’s alternative energy for Nigerians

As part of initiatives to provide alternative energy source for Nigerians, the Nigerian National Petroleum Corporation (NNPC) says it is committed to aggressive activation of Compressed Natural Gas (CNG) refill stations for motorists across the country.

The national oil firm lauded the Federal Ministry of Petroleum Resources for the initiative as unveiled by the Minister, Chief Timipre Sylva.

Speaking on TVC Business Show, Business Nigeria Live, the corporation’s Group Managing Director, Mallam Mele Kyari, affirmed that the company had already keyed into the gas penetration agenda of the government.

As an energy company with focus on cleaner and cheaper sources of fuel, the corporation would continue to work with other stakeholders in the industry to provide viable alternatives to petrol which would ultimately lead to reduction in demand for the product and eventual reduction in price, he said.

Kyari restated the commitment of the corporation towards openness and greater transparency in its operations, noting that in the months ahead NNPC would make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.

He also shed more light on the status of the nation’s refineries, noting that the plants were deliberately shut down to allow for a robust diagnosis of the issues which have overtime made it impossible for the facilities to operate up to their name plate capacity.

“The shutdown also became inevitable due to difficulties in feeding them with crude oil via the pipelines that have been completely compromised by vandals,” Kyari said in a statement by Dr Kennie Obateru, the Group General Manager, Group Public Affairs Division and emailed to Persecondnews.

“We are moving rapidly to execute complete rehabilitation of the refineries under an exercise that would guarantee restoration of the facilities to at least 90 percent capacity utilization.”