Business and Economy
There’ll Be No Fuel Queues Up Till 2024, Kyari Assures Senate
By Admin
The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, has assured the Senate that in three months the country will not see fuel qeues.
Speaking during a courtesy visit to the leadership of the Senate in Abuja, the NNPCL GMD said that the passage of the Petroleum Industry Act (PIA) has ensured that “energy supply is stable, creating cheaper energy” for Nigerians .
He disclosed that the Corporation has “robust supply plants from now until next year; we have always planned for three months.
He also revealed that the oil giant occupies over 30 percent of the downstream sector in the oil and gas business, adding that the Corporation would “optimally provide” petroleum to consumers.
While linking the challenges in the sector to oil theft and pipeline vandalism, Kyari said that the country has recovered up to N1.7 million barrels of crude oil following increases monitoring and supervision of the facilities by independent pipeline security companies, and the military.
He underscored that the oil regulator aims at meeting its targeted contribution to the budget, as he stressed that “with all the ongoing activities and engagements, with the support of Mr President around how to contain the issues of infractions on our pipelines, the actions of vandals which we have been getting the support of the Senate to make sure that something is done about it to bring it to the bearest minimum; so that oil pipelines are restored, so that we can continue to increase production, and the confidence of investors so that no one would produce oil when he is not sure of producing oil for the future market.”
He assured the leadership of the Senate that the NNPCL would restart the Port Harcourt refinery in December, followed by the Warri refinery to start in the first quarter of 2024.
He added that these would be complimented by small scale refineries, as he underscored that the Corporation has recorded a N274 million profit in 2021, a growth from 2018.
Accordingly, Kyari maintained that the NNPCL may post profit in excess of N2 trillion in 2023; adding that in 2024 Nigeria will be a net exporter of petroleum products.
On his part, President of the Senate, Godswill Akpabio, tasked the management of the NNPCL to seek ways of deepening the consumption of locally produced petroleum products.
He also called for the establishment of modular refineries, as well as the renovation of existing ones “to create a multiplier effect which would include creation of jobs for our teeming youths, and more security for the country.”
