From News Editor
The Nigerian National Petroleum Corporation (NNPC) Ltd, has allay the fear of Nigerians over possible scarcity of Premium Motor Spirit (PMS), also known as petrol, saying that the Company has already made plan for the supply of petroleum products sufficient enough to last beyond the ember months and the new year festivities.
A statement made available to newsmen by the Chief Corporate Communications Officer of NNPCL, Mr Olufemi Soneye, said Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari made the disclosure when he led a delegation of the management on a courtesy visit to the Senate President, Senator 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, ” Kyari said.
The NNPC boss who lauded the National Assembly for its critical role in the enactment of the Petroleum Industry Act (PIA) 2021, said that singular legislation had given birth to a new commercially-oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.
According to him, with the passage of the PIA 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.
He said that NNPC Ltd 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 told the leadership of the red chamber that 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, has been yielding results, mostly in the area of increased crude oil production.
