The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has charged Board members of the NNPC Greenfield Refinery Limited (NGRL), to explore options to end the importation of refined petroleum products.
He gave the charge yesterday, while inaugurating the Board of the newly-incorporated subsidiary of the Corporation, NNPC Greenfield Refinery Limited (NGRL), at the NNPC Towers, Abuja.
Kyari, who is also the Chairman of the NGRL Board, challenged members to focus on profitability in order to remain afloat and avoid liquidation.
NGRL was set up in December 2020 with a mandate to oversee the establishment and operation of new refineries, according to a statement signed by the Group General Manager, Group Public Affairs Division, NNPC, Garba Deen Muhammad.
“As a business, this is a big opportunity for us and this company’s balance sheet must change positively. Going forward, with the Petroleum Industry Act (PIA), I can tell you that if you continue to post negatively for three years, you are out. So, there is really no excuse,” Kyari was quoted.
Our company must grow and we can’t do well except we are able to process our production whether it is the liquid or gas. If we don’t monetize it then we have done nothing.
He urged the Board and Management of the new NGRL to set up a proper structure with the required skills, technology and financing to drive the company’s operations, while expressing optimism in its ability to achieve its mandate.
“Our company must grow and we can’t do well except we are able to process our production whether it is the liquid or gas. If we don’t monetize it then we have done nothing. This is really a new chapter and we are committed to making it work,” he said.
He explained that NNPC’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy security for the country.
In his remarks, the Alternate Board Chairman and Group Executive Director, Refinery and Petrochemicals, Mustapha Yakubu, assured that the NGRL operations would be guided by the principles of cost effectiveness in line with the new Petroleum Industry Act (PIA), adding that profitability would be the key focus.
Similarly, the Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, Bege Talson, disclosed that the Division is working with third party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000 barrels per stream day (bpsd), and pledged his team’s commitment to run the company profitably.
Other members of the Board include: Group Executive Director, Finance & Accounts, Umar Ajiya; Managing Director, Nigerian Gas Company (NGC), Oluwaseyi Omotowa; Managing Director, NNPC Retail, Mrs. Elizabeth Aliyuda; Managing Director, Nigerian Petroleum Development Company (NPDC), Muhammad Ali-Zarah; and Tolulope Olubommo as Company Secretary and Legal Adviser.