The Nigerian National Petroleum Corporation (NNPC) says it is committed to supporting ongoing initiatives by the Ministry of Petroleum Resources towards the provision of alternative energy sources to Nigerians through aggressive activation of compressed natural gas (CNG) refill stations for motorists across the country.
Mele Kyari, the corporation’s group managing director, speaking on a television programme, asserted that the state-owned oil company has already keyed into the gas penetration agenda as championed by Timipre Sylva, the minister of state for petroleum resources.
Kyari assured that the energy company is focused on a cleaner and cheaper sources of fuel and would continue to work with other stakeholders in the industry to provide viable alternatives to petrol which would ultimately lead to a reduction in product demand price reduction.
When asked about the current situation of the nation’s refineries, Kyari stated that the plants were deliberately shut down to ensure the feasibility of a diagnosis of the issues which have, over time, made it impossible for the facilities to operate up to their ‘nameplate’ capacity. He further explained that the shutdown became inevitable due to difficulties in feeding them with crude oil via the pipelines that have been completely compromised by vandals.
He said the corporation was moving rapidly to execute complete rehabilitation of the refineries under an exercise that would guarantee restoration of the facilities to at least 90 per cent capacity utilization.
Reiterating the corporation’s commitment towards openness and greater transparency in its operations, Kyari noted that NNPC would in the months ahead make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.
Finance January 15, 2021