Kyari tasks Board of NNPC Greenfield Refinery on fuel importation

*Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation, discloses the state oil firm’s initiatives in new refineries, condensate refineries, and equity acquisition in credible private refineries are aimed at ensuring energy security for the country

Isola Moses | ConsumerConnect

Malam Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), has charged members of the Board of NNPC Greenfield Refinery Limited (NGRL) to explore all available options to bring an end to the current challenge of petroleum products importation.

The NNPC GMD gave the charge Thursday, August 19, 2021, while inaugurating the Board of the newly incorporated subsidiary of the Corporation, NNPC Greenfield Refinery Limited (NGRL), at the NNPC Towers, Abuja, FCT.

Mr. Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC, in a statement issued Thursday, in Abuja, disclosed the NNPC Greenfield Refinery Limited is a subsidiary of the state oil firm, established December 2020 with a mandate to oversee the establishment and operation of new refineries in the country.

The statement noted the GMD, who is also the Chairman of the NGRL Board, challenged the Board members to focus on profitability in order to remain afloat and avoid liquidation.

Kyari said: “As a business, this is a big opportunity for us and this company’s balance sheet must change positively.

“Going forward, with the Petroleum Industry Act (PIA), I can tell you that if you continue to post negative for three years, you are out. So, there is really no excuse.”

The NNPC Chief, therefore, urged the Board and Management Team of the new company to set up a proper structure with the required skills, technology and financing to drive the company’s operations.

Kyari also stated that he is optimistic the company would be able to achieve its mandate.

“Our company must grow and we can’t do well except we are able to process our production whether it is the liquid or gas.

“If we don’t monetise it, then we have done nothing. This is really a new chapter, and we are committed to making it work,” he said.

According to him, all the Corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries are geared towards ensuring energy security for the country.

In his remarks, Engr. Mustapha Yakubu, Alternate Chairman of the Board and Group Executive Director, Refinery and Petrochemicals, declared that the operations of the company would be guided by the principles of cost effectiveness in line with the new Petroleum Industry Act (PIA).

Profitability would be the key focus, said Engr. Yakubu.

Speaking in similar vein, Engr. Bege Talson, Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, disclosed that the Division is working with third-party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000barrels per stream day (bpsd).

Talson pledged his team’s commitment to running the new company profitably.

The statement said the other members of the Board include the Group Executive Director, Finance & Accounts, Mr. Umar Ajiya; Managing Director of the Nigerian Gas Company (NGC), Engr. Oluwaseyi Omotowa; Managing Director of NNPC Retail, Mrs. Elizabeth Aliyuda; Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr. Muhammad Ali-Zarah; and Tolulope Olubommo as Company Secretary and Legal Adviser.