Group Managing Director, Nigerian National Petroleum Company (NNPC) Limited, Malam Mele Kyari, has tasked the National Engineering and Technical Company ( NETCO) to take advantage of the opportunities provided by the Petroleum Industry Act (PIA) to increase its profitablity.
He said NETCO as one of the subsidiaries of the NNPC must key into the new mandate of the organisation following the signing of the PIA by President Muhammadu Buhari on August 16, 2021.
Kyari spoke over the weekend in Lagos at a two-day NETCO Management Retreat which had the theme:”Repositioning NETCO for Growth and Profitablity in PIA Times.”
He said the national oil company had been transformed into a more competitive and commercial entity which would continue to deliver value and dividends to its shareholders.
Kyari said the PIA has provided several opportunities to attract investment to the sector which NETCO and other NNPC subsidiaries could take advantage of to increase their profitablity.
“NETCO, which is our engineering company is in a unique position to take advantage of the investment opportunities created by the PIA. NETCO is one of the best engineering companies in Nigeria and globally and this is the time for us to look outwards and take advantage of opportunities that exist in Nigeria and beyond. A number of Engineering, Procurement and Construction ( EPC) contracts are being lined up and you must deliver in a world class manner to increase our standings in EPC contractors globally.”
Also, Mr Adeyemi Adetunji, Group Executive Director, Downstream of the NNPC and Board Chairman, NETCO, said the PIA had codified the regulatory, administrative and fiscal framework for the industry.
He said NETCO’s involvement in the NNPC refinery rehabilitation project had put them in the world map as one of the reputable companies in refinery rehabilitation.
“The presidential assent on PIA is a major positive step towards improving the state of oil and gas in Nigeria and it comes with the potential to create new investment opportunities.
“PIA has expanded the vista of Nigeria’s gas development as the country joins other hydrocarbon producers and consumers on the energy transition and de-carbonisation train.”
On his part, Mr Johnson Awoyomi, Managing Director, NETCO, said the retreat was aimed at brainstorming on how to move the company forward following the passage of the PIA.