GCEO NNPC Ltd, Mr. Mele Kyari (2nd from left) receives a plaque from the Senate President, Senator Godswill Akpabio during the NNPC Management's visit to the Senate Leadership at the National Assembly Complex, in Abuja today. Standing on the Senate President's left is the Deputy Senate President, Senator Barau Jibrin and on the GCEO's right is the Senate Majority Leader, Senator Opeyemi Bamidele.
Oil & GasTrending Story

Kyari To Senate: We Have Robust PMS Supply to Last Beyond Yuletide, New Year Festivities 

..as Akpabio pledges parliament support to NNPC Ltd

984

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.”

Leave a comment

Related Articles

NNPC Ltd, OPEC pledge collaboration to attract investments, grow production

The Nigerian National Petroleum Company Limited (NNPCL) and the Organization of the...

Port Harcourt refinery to start producing 2.2m litres of diesel, petrol daily soon – FG

The Federal Government has announced that the Port-Harcourt Refinery is gearing up...

NNPCL GCEO Kyari Hinges Wealth Creation on Energy Security

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

Nigeria’s oil exports rose by 60.8% in Q3 of 2023 – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has disclosed that oil exports...

NNPCL, CBN partner for seamless banking operations

In their bid to foster transparency and seamless commercial operations, the Nigerian...

NNPCL hits another milestone with 14,000 bpd production from Akpo West Field

The Nigerian National Petroleum Company Limited (NNPCL) has commenced oil production from...

EFCC sets up task force to combat dollarization of economy, mutilation of naira

The Economic and Financial Crimes Commission (EFCC) has announced the setting up...

Queues at Abuja filling stations a local problem, will vanish soon, says NNPC GMD

Petrol queues in Lagos: NNPCL allays fear of scarcity, blames queues on resolved distribution issue

The Nigerian National Petroleum Company Limited (NNPCL) says the long queues in...

Climate Change: NNPCL partners U.S. govt, Deloitte to reduce greenhouse gas emissions from OML 34

Africa’s biggest oil company, the Nigerian National Petroleum Company Limited (NNPCL), is...

Resolve litigation on $1.3bn Malabu OML 245 deal, Pres. Tinubu orders AGF, Lokpobiri, others

President Bola Tinubu has given a marshing order to the Attorney-General of...

How Bafarawa diverted N4.6bln from ex-NSA for prayers, election, acquire luxury vehicles

A startling revelation has been made about how a former governor of...

Bouyed by Pres. Tinubu’s economic policies, NNPC Ltd. woos South Korean investors for gas projects

Driven by the need to expand the scope of its Liquified Natural...

CBN redeploys 1,500 staff to Lagos

The Central Bank of Nigeria (CBN) says it has redeployed 1,500 staff...

FG expedites talks with Morocco on Nigeria-Morocco gas pipeline project

Nigeria and the Kingdom of Morocco are intensifying discussions to fast-track the...

AFCON: Pres. Tinubu says unimpressed with Super Eagles’ performance

President Bola Tinubu has expressed his displeasure over the performance of the...

NNPCL records 214 oil theft cases in one week in Niger Delta

The Nigerian National Petroleum Company Ltd. (NNPCL) says it has recorded at...

NNPCL-facilitated Afreximbank $3.3bln crude oil pre-payment loan to address nation’s FX challenges, says spokesman Soneye

The Nigerian National Petroleum Company Limited (NNPCL) has explained the rationale for...

NNPCL uncovers 83 illegal refineries in Niger Delta in one week 

The Nigerian National Petroleum Company Ltd (NNPCL) has uncovered 83 illegal refineries...

We’ll produce diesel, aviation fuel before January end — Dangote

Diesel and aviation fuel will be produced from the Dangote Refinery in...