Skip to main content

NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
Post a Comment

Fed Govt, MOMAN, PPMC, others move to end fuel scarcity soon By Akinola Ajibade

By Akinola Ajibade

The Federal Government, Major Oil Marketers Association of Nigeria (MOMAN) and the Nigerian National Petroleum Company ( NNPC) Limited are working together in order to 
make petroleum products available and further solve the lingering fuel scarcity in the country, MOMAN's Chairman, Mr Olumide Adeosun, has said.
Also included in the fight against scarcity of the petroleum products, which has become a debacle in the countre are Petroleum Products Marketing Company ( PPMC), a subsidiary of NNPC, Nigerian Association of Road Transport Owners ( NARTO) and other critical stakeholders in the nation's energy value chain.
He spoke during a virtual media briefing organised by MOMAN in Lagos recently.
At the briefing are energy correspondents drawn from the Nigeria and Bloomberg, an international online media outfit.
According to him, stakeholders, including government are putting heads together with a view to nip in the bud supply deficiencies and other problems associated with fuel scarcity in Nigeria.
He said: " The current scarcity of Petroleum Motoring Spirit ( PMS) otherwise known as petrol is caused by two main factors. First is the supply inadequacy, which has been a problem in the industry in the last few weeks. Secondly is the 
distribution challenges created by the unavailability and continuous surge in 
international prices of Automotive Gas Oil (diesel).
Adding that: " MOMAN emphatises with customers as they grapple with the scarcity of the product in the country. The body hopes that the  problems would be solve soon and that queques are going to be eliminated  soon.
Adeosun, who doubles as the Chief Executive officer, Ardova Oil,  however said that the current supply framework cannot guarantee 
steady and consistent supplies of fuel in the country, in view of the poor finance of the government and unpredictable international supply shortages. 
He therefore, advocated for gradual price deregulation with targeted palliatives (eg. transport and agricultural subsidies) to the public  in order to ease the implementation of the above- stated strategies in the industry.
MOMAN, Adeosun, in the interim wants the current single supplier strategy be reviewed. 
Others include collaboration between the Federal Ministry of Petroleum Resources  and the Ministry of Finance and other relevant Minidtries Depsrtments and Agencies ( NDAs), setting up of a taskforce to immediately focus
on increasing diesel supply through accelerated initiatives in order to increase local 
modular refining capacity, phased rehabilitation of existing NNPC refineries in order to hasten supply of middle distillates ( AGO and ATK).
The development, he said, would help in tackling  supply and distribution challenges.



MOMAN recognizes and closely associates with the need to ease challenges with respect 
to high energy and transportation costs occasioned by extraneous circumstances.
MOMAN shall continually do its best to distribute petrol to its customers across the 
country and keep exploring opportunities to partner with industry stakeholders, The. Authority, and the Government to ensure the sustainability and institutionalization of a 
viable petroleum downstream sector in Nigeria.
The full deregulation of the petroleum downstream sector and full implementation of the
Petroleum Industry Act (PIA) 2021 clearly remains the most viable long-term solution to 
the country’s supply and distribution challenges.
Olumide Adeosun Clement Isong
Chairman CEO/Executive Secretary

Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first Chairman of Pineapple Estate, Ikorod
1 comment
Read more

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g
Post a Comment
Read more

Oil Block: Why Fed Govt Prioritises Production Bonus To Attract Local & Foreign Investors

Oil Blocks: Why FG Prioritizes Production Bonus to Attract Local and Foreign Investors By Ibrahim Musa The Federal Government has emphasized production bonus, which refers to the payment by an operator to a host country upon achievement of oil and gas production, as a strategy for attracting investors to bid for Nigeria’s oil blocks. Previously, the government relied on a high signature bonus, which refers to a single, non-recoverable lump sum payment made upfront by oil companies for their rights to develop oil blocks, as an option for maximizing revenue generation, thus discouraging investors with limited resources from bidding. Currently, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC which regulates activities in the nation’s oil and gas industry, has removed all entry barriers to attract massive investments. This strategy aims at growing oil and gas production, enhancing Nigerian Content Development, attracting Foreign Direct Investment, contributing to l
Post a Comment
Read more