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
Kyari
By Favour Ifeoluwa & Akinola Ajibade
Nigerians are not going to experience short supply of petroleum products during the upcoming Christmas and New Year Seasons, the Group Chief Executive Officer ( GCEO), Nigerian National Petroleum Company Limited, Mallam Mele Kyari has said.
He disclosed this during a courtesy visit yesterday (Wednesday) to the Senate President, Godswill Akpabio in Abuja.
According to him, the National Oil Company(NOC) has made a robust plan to supply Premium Motor Spirit (PMS), also known as petrol in the country beyond the ember months and the new year festivities.
“By the creation of the National Assembly, NNPCL 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,” Kyari added.
He lauded the National Assembly for its critical role during the enactment of the Petroleum Industry Act (PIA) 2021, stressing that the legislative endeavour has given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
Speaking further, Kyari stated that with the passage of the PIA 2021, NNPC's profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021.
Kyari noted that NNPCL is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.
He also said that the company is involved in the entire value-chain of the oil and gas business and controls about 30% of the nation’s petroleum downstream 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 Limited. is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.
He further 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, saying that the Nigerian Parliament appreciates 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 restreaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda,” Akpabio observed.
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