Connect with us

Business

NNPC GMD Explains Why Refineries Were Shut

Pledges To Support FG’s Gas Penetration Agenda

Published

on

The Nigerian National Petroleum Corporation (NNPC) has opened up on why the nation’s publicly owned refineries were shut down.

Speaking on TVC Business Show, Business Nigeria Live, the Group Managing Director of the Corporation, Mallam Mele Kyaria has also affirmed that the National Oil Company has keyed into the gas penetration agenda as championed by the Honourable Minister of Petroleum Resources, Chief Timipre Sylva.

In that direction he said the NNPC would soon commence an aggressive activation of Compressed Natural Gas (CNG) refill stations for motorists across the country.

Shedding light on the status of the nation’s refineries, the GMD noted that the plants were deliberately shut down to allow for a robust diagnosis of the issues which have overtime made it impossible for the facilities to operate up to their name plate capacity.

The GMD said that the shutdown also 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 percent capacity utilization.

He said as an energy company, the NNPC will focus on cleaner and cheaper sources of fuel, the Corporation would continue to work with other stakeholders in the industry to provide viable alternatives to petrol which would ultimately lead to reduction in demand for the product and eventual reduction in price.

The NNPC GMD reiterated the commitment of the corporation towards openness and greater transparency in its operations, noting that in the months ahead NNPC would make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.

Send Us A Press Statement Advertise With Us Contact Us

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *