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NNPC pursues speedy reforms in petroleum sector

By Sulaimon Salau
10 February 2016   |   1:32 am
The Nigerian National Petroleum Corporation (NNPC) has expressed its readiness to collaborate with the National Assembly to ensure efficiency and transformation of the downstream sector of the petroleum industry.
Kachikwu, NNPC GMD

Kachikwu, NNPC GMD

The Nigerian National Petroleum Corporation (NNPC) has expressed its readiness to collaborate with the National Assembly to ensure efficiency and transformation of the downstream sector of the petroleum industry.

The Minister of State for Petroleum Resources and Group Managing Director of the Corporation, Ibe Kachikwu, who disclosed this while receiving the House of Representatives Committee on Petroleum Downstream in Abuja, said the petroleum industry is currently undergoing fundamental changes in the face of dwindling global crude oil prices.

He therefore sued for the support of members of the National Assembly to allow the NNPC solicit for funds from private local and international investors to execute its capital projects.

Kachikwu said the NNPC has complied with the Federal Government directive on the Treasury Single Account (TSA) which according to him promotes probity and accountability in the day-to-day operations of the Corporation.

He informed that some of the subsidiaries of the NNPC are being unbundled in order to guarantee energy efficiency and security stressing that the Pipelines and Products Marketing Company (PPMC) is being restructured into a pipelines company, products marketing company and a storage company.

According to him, despite the challenging environment especially in the area of pipeline security, the NNPC is mandated to ensure steady supply and distribution of petroleum products such as premium motor spirit (petrol), automative gas oil (diesel) and dual purpose kerosene (kerosene) across the country.

The NNPC, he stressed is going into joint venture partnership with state governments and private companies to expand its retail outlets across the country in order to meet national energy emergency needs.

He urged the members of the National Assembly to enact legislations that support the growth and development of the petroleum sector in order to make the industry work well.

The Chairman of the House of Representatives Committee on Petroleum Downstream, Joseph Akinlaja assured the minister of the preparedness of the National Assembly to support the Federal Government in carrying out its fundamental restructuring of the oil and gas Industry for the benefit of Nigerians.

2 Comments

  • Author’s gravatar

    Now and now! It is a priority to bring stability in that Government Corporation. The influence of Crude Oil is not totally evaporating from the World energy needs in Economies. Everyone is singing the demise of big Oil but forgets there are times it sold for two, three and four dollars a barrel. For Nigerians, I pray the campaign for funds for the restructuring to be an in- house affair. Solicitation of funds from outside may again inveigle the giant in undue influences in business come the resurgence of Crude Oil trade. Let it be a very good financial house-keeping venture for smooth operations going forward. There is nothing wrong with cleaning one’s house after a dust-storm of dirt and impropriety. But we must watch closely not to attract taints in the campaign for money to accomplish them. Do not borrow to do it.

  • Author’s gravatar

    it is time that NNPC sell some of their division has publicly owed companies, to be owned by the federal government, state government, LC, communities, workers and the general public. This would allow for better funding and operation. however depending on the criminal and useless national assembly is just a waste of time.