From Uche Usim, Abuja
The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Mr Mele Kyari, has assured Nigerians that a private sector-oriented company (NNPC Limited), with service and profit mindset, will be unveiled in July this year.
Kyari made the disclosure at the ongoing Nigerian International Energy Summit (NIES) in Abuja, stressing that NNPC was slowly and steadily transiting into a globally competitive entity and most capitalised company in Africa. He added that the new NNPC was warming up to hit the capital market for an Initial Public Offer (IPO) in three years time, to enable Nigerians own a piece of the company.
Kyari said the NNPC aims to be among five top gas producers in the world, as all requirements needed for its new format will be met to ensure its vision and mission are not thwarted.
He said: “The PIA states that the NNPC cannot operate at a loss and should guarantee energy security. So, NNPC is partnering all and sundry. We’ve worked hard to get to this point. People lost faith in the fiscal system but we must keep working hard to deliver on our mandate. We’re ready for IPO in three years so third parties can come in. It can be state or LGAs buying into the company. You can choose to take a bit of it personally.
Meanwhile, Mr Mustapha Yakubu, Group Executive Director, Refining, NNPC, said on Wednesday that full deregulation of the downstream sector would boost the country’s domestic refining capacity.
He stated this during a panel session at the ongoing Nigeria International Energy Summit (NIES) in Abuja.
Speaking at the summit with the theme: “Revitalising the Industry: Future Fuels and Energy Transition.” Yakubu noted that the full deregulation of the downstream sector would encourage the establishment of more modular and condensates refineries in the country. He said the NNPC had the mandate to protect Nigeria’s energy security and would continue to support efforts geared towards adding value to the nation’s crude oil production. “We believe that there is need to improve our domestic refining capacity. That is why the NNPC is embarking on total rehabilitation of our four refineries and not just the usual Turn Around Maintenance.