An inter-ministerial committee will soon be inaugurated to speed up the planned restructuring of the Nigerian National Petroleum Corporation (NNPC).
President Muhammadu Buhari said this during a chat with the Vice President of the International Finance Corporation (IFC), Jin-Yong Cai, at the Presidential Villa in Abuja on Tuesday.
The Federal Government has broken up the controversial Petroleum Industry Bill into different versions and is proposing splitting the Nigerian National Petroleum Corporation, NNPC, into two companies – the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company (NOC) that would be run on commercial lines and partly privatised.
According to a report obtained from Reuters, yesterday, the Federal Government is breaking up the PIB and is replacing it first with a law to overhaul the petroleum sector with the aim of closing loopholes that bred corruption.
The Senate Committee on Petroleum Downstream has given the Minister of State for Petroleum and the NNPC two weeks to end petrol scarcity in the country.
The committee handed down this directive at a meeting with officials of the Ministry of Petroleum, NNPC and agencies in the petroleum sector.
For nearly three weeks, there have been long queues at different petrol stations across the country; a situation that has defied solutions by previous administrations and has again reared its head a few months into the present government.
The Nigerian National Petroleum Corporation, NNPC, yesterday, apologised to Nigerians for the hardship experienced in purchasing petrol, while it also stated that it had entered into a partnership with security agencies in the country to assist in the monitoring of fuel supply across the country.
He said: “We must all make sure that petroleum products get across to Nigerians at the regulated price especially as the yuletide season approaches. We have enough products and we want to plead with the Petroleum Tanker Drivers (PTDs) not to be involved in the diversion of petroleum products in order to avoid causing untold hardship to motorists.”
The Nigerian National Petroleum Corporation (NNPC) Wednesday night said it had reached an agreement with oil marketers to end scarcity of petrol which has since resulted in the noticeable queues in major cities across the country.
The corporation in a statement from its Group General Manager Public Affairs, Ohi Alegbe, in Abuja stated that the commitment of oil marketers to support measures put in place by the federal government to restore sanity to fuel supply and distribution condition will within days ensure that the scarcity ends.
The combined output of the nation’s refineries has hit zero, as Port Harcourt refinery, which held the fort, has shut down.
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, disclosed this at a Luncheon of the Petroleum Club in Lagos, yesterday.
Nigeria is “on the verge of a significant oil find” in the Lake Chad area of the northeast, NNPC Managing Director Ibe Kachikwu was quoted as saying, which is to be officially announced by December this year. He said this in a statement issued by the state oil company on Sunday.
Kachikwu, who is to be sworn in to President Muhammadu Buhari’s cabinet and is widely expected to become minister of state for petroleum, also said the Nigerian National Petroleum Corporation (NNPC) is projecting revenues of $20 billion in 2016.
The Nigerian National Petroleum Corporation (NNPC) has withdrawn 44 bids of those that intend to participate in the Offshore Processing Agreement (OPA) and opted to sell crude directly to refiners.
The corporation said it took the step in a major steer designed to enshrine transparency and eliminate the activities of middlemen in the crude oil exchange for product matrix.
With the nation’s refineries, especially the Port Harcourt Refinery Company, PHRC, coming back on stream, the Nigerian National Petroleum Corporation, NNPC, yesterday in Benin, said the country’s crude oil would be processed to meet immediate domestic needs.
Group Managing Director of NNPC, Dr. Ibe Kachikwu, who spoke at this year’s NNPC Health Safety and Environment, HSE, day, with the theme, HSE Best Practice, Pathway to Business Sustainability, also said NNPC would modernize its health, safety and environment management standard and performance records to promote health, safety and environmental awareness.
The Nigerian National Petroleum Corporation (NNPC) has adopted what it described as “20-fixes” with which it hopes to reform its operations, guarantee profitability and perhaps run a transparent national oil company.
NNPC through the “20-fixes” which are however embedded in five cardinal business objectives that it intends to pursue, plans to amongst other initiatives, attain zero tolerance for corruption, restructure its major subsidiaries as well as enhance probity in its operations across board.
Nigeria Gists 