The Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, has said the company has already made a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient enough to last beyond the ember months and the new year festivities.
Kyari disclosed this when he led an NNPC Ltd delegation on a courtesy visit to the Senate President, Sen. 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,” he said in a statement by Mr Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd.
While lauding the National Assembly for its critical role played in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said singular legislative endeavor had given birth to a new commercially-oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
Kyari said with the passage of the Petroleum Industry Bill of 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of $803 billion in 2018 to a profit position of N274 billion in 2021.
Kyari said while the NNPC Ltd is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, the Company has started paying dividends to its shareholders since July this year.
He said currently, the NNPC Ltd is involved in the entire value-chain of the entire oil and gas business and controls over 30% of the nation’s petroleum retail market.
While identifying crude oil theft and pipeline vandalism as major challenges to the company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors have been yielding results, mostly in the area of increased crude oil production.
The GCEO said NNPC Ltd is investing in several gas and power projects across the country aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
He said the NNPC Ltd is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure Nigeria becomes a net exporter of petroleum products.
In his response, Senate President Akpabio assured the GCEO of the 10th Senate’s support, saying that the Nigerian Senate appreciates the Kyari-led management for its commitment to ensure robust petroleum products supply during the yuletide period and also emplace the NNPC Ltd on the path of profitability.
“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 said.
He also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy in line with the Bola Tinubu administration’s “Renewed Hope Agenda.”