The Nigerian National Petroleum Company Limited (NNPCL), has debunked statements in some sections of the Media suggesting the company is working to frustrate efforts of local refineries in the country.
The Group Chief Executive Officer of the NNPC Ltd, Mele Kyari made the clarification in Lagos on Monday at the 2024 Annual Conference of the Nigerian Association of Petroleum Explorationists.
Kyari in his address while speaking specifically on the relationship between the NNPCL and the Dangote Refinery, said the Nigerian National Petroleum Company couldn’t be working against the interest of a domestic refinery like the Dangote Refinery given the stake of the NNPCL in the local refinery business outfit.
While further debunking Media reports on the supposed controversy between the NNPCL and the Dangote Refinery, Mele Kyari noted that the Dangote Refinery with an initial capacity of 300,000 barrels per day of refining capacity, remains a critical and strategic asset to the entire downstream value chain that could not be undermined.
Speaking on the ‘Naira for Crude’ directive by President Bola Tinubu, the Group CEO of the NNPC also denied speculations that the company is equally working to frustrate the process, and stated that the NNPCL is no longer importing fuel, but rather buying from the domestic market.
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Kyari said the NNPC Ltd remains committed to affordable and clean energy, noting that efforts are currently ongoing with key partners to build mini-electric plants to scale up power in the country, including driving abundant domestic gas utilization.
Acknowledging the hardship occasioned by the removal of fuel subsidy in 2023 by President Bola Tinubu, Mele Kyari explained that the President took a bold step in taking a decision that previous governments dreaded, and called on citizens to be patient with the policy on subsidy removal as the end result according to him, will help ensure stability within the sector and guarantee product availability.
The remarks by the NNPC group Chief Executive officer came on a day members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) declared their intention to source fuel from the Dangote Refinery, pending when an agreed price template is reached by all parties.
(Editor: Ken Eseni)
