NNPC committed to energy sufficiency, wealth creation for Nigerians: GMD

*The Nigerian National Petroleum Corporation maintains it continues to make strategic decisions that would enable Nigeria to be energy sufficient through partnerships and several business portfolios that would add value to Nigerians

Alexander Davis | ConsumerConnect

In its effort at exploring the huge economic potential in the country towards bridging the energy gap to multiply wealth for varied stakeholders, the Nigerian National Petroleum Corporation (NNPC) has restated its commitment to ensuring effective stewardship of the country’s hydrocarbon resources to guarantee energy security and drive wealth creation.

Malam Mele Kyari, Group Managing Director (GMD) of NNPC, said this while delivering the keynote address at the 2021 Nigeria Oil and Gas Conference and Exhibition (NOG 2021) Tuesday, July 5, 2021, in Abuja, FCT.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of NNPC, in a statement issued in Abuja said Malam Kyari spoke on the topic: “Vision and Priorities for Nigeria’s Energy Transformation”.

The statement quoted the NNPC GMD as saying that for a country with a teeming youth and a developing economy, Nigeria needs the right policies to unlock its huge economic potential.

NNPC is working towards bridging the energy gap to multiply wealth for its varied stakeholders, Kyari noted.

He said: “We see a nation that must integrate by developing midstream and downstream infrastructure as the intersection and bridge to value.

“We see a nation in need of right policy framework to attract new investment while encouraging existing players.”

The NNPC Chief also disclosed that the Corporation has completed the Escravos Lagos Pipeline System (ELPS) Phase II project, thereby expanding the gas supply channel for domestic gas utilisation.

According to him, the NNPC has also kick-started the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, whereas the Obiafu-Obrikom-Oben gas pipeline (OB3) project was billed for completion soon.

Kyari maintained that the Corporation’s vision was to emplace the critical backbone infrastructure, create liquidity and provide the necessary linkage to markets.

He as well noted that NNPC and its partners were harnessing and exploiting the nation’s huge gas potentials one of which was the Nigeria Liquefied Natural Gas (NLNG) Train 7 project which the President performed the Ground-breaking ceremony recently.

According to him, the NLNG Train 7 is a flagship project expected to increase the nation’s LNG production capacity by 35% and seal Nigeria’s position as one of the top LNG countries in the world.

Nigeria is in the process of also transforming into an LNG-consuming country while at the same time deepening domestic utilization of Liquefied Petroleum Gas (LPG), said he.

On the country’s refineries, the NNPC GMD said the programme for the rehabilitation and upgrading of the existing refineries was on course.

While work has already started on the Port Harcourt Refinery Company (PHRC), work would soon start on the Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited (KRPC), he assured.

Malam Kyari stated: “The NNPC plans to take 20 percent equity in the Dangote Refinery and acquire stakes in other private modular and condensate refineries in the country. “Our priority is to meet our local fuel demand because that is the right way to go thereby making Nigeria to become the hub of petroleum products supply to other African countries in the years ahead.”

He said NNPC, as a National Oil Company (NOC), has made strategic decisions that would enable Nigeria to be energy sufficient through its partnerships and several business portfolios that would add value to the nation.

The NNPC helmsman said the recent passage of the Petroleum Industry Bill (PIB) by the National Assembly was a clear example of how collaboration across political lines could deliver reforms.

The statement further noted Kyari assured stakeholders, that the Corporation would sustain engagement with partners to co-create solutions for unique challenges and provide the platform for effective policy engagement in the country.

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