New Refineries to Boost Capacity

The newly licensed refineries, set to be developed across Nigeria, include:

 Eghudu Refinery Limited: A large-scale venture with a capacity of 100,000 bpd, located in Edo State.

 MB Refinery and Petrochemicals Company Limited: A mid-sized facility targeting 30,000 bpd in Delta State.

 HIS Refining and Petrochemical Company Ltd: A smaller refinery with a planned output of 10,000 bpd in Abia State.

READ ALSO: Nigerian govt. launches App to Monitor crude oil theft 

These refineries represent a significant expansion of Nigeria’s domestic petroleum processing capabilities, positioning the country for greater energy independence.

Rebuilding State-Owned Refineries

Alongside the construction of new facilities, the Nigerian government has prioritised the rehabilitation of its state-owned refineries in Port Harcourt, Warri, and Kaduna. These refineries have long suffered from operational inefficiencies, exacerbating Nigeria’s reliance on imported fuels. The Nigerian National Petroleum Company (NNPC) is leading this effort to restore their full operational capacity. This initiative not only aims to strengthen energy security but also to reduce the financial burden of fuel subsidies.

The Impact of the Dangote Refinery

A transformative force in Nigeria’s refining landscape is the Dangote Refinery, which boasts an impressive capacity of 650,000 bpd and commenced operations in early 2024. This massive facility is expected to substantially reduce Nigeria’s reliance on foreign refined petroleum products while enhancing overall energy security. By increasing domestic refining capacity, the Dangote Refinery is also set to drive competition within the industry, potentially leading to lower fuel prices for consumers.

Creating a Competitive Market

The increasing number of operational refineries is fostering a more competitive market environment. With more players in the petroleum industry, there is optimism that the price of Premium Motor Spirit (PMS) will decline, making fuel more affordable for Nigerians. Additionally, locally refined products will likely lead to improved quality control, reducing costs and challenges associated with fuel imports.

Nigeria’s strategic expansion of refining capacity, coupled with the revival of existing facilities, marks a crucial shift towards self-sufficiency in petroleum refining. These developments signify a transformative phase in the country’s energy sector, moving away from reliance on imports towards enhanced local production capabilities. As modular refineries continue to emerge, Nigeria is refining its approach to ensuring stability and quality in energy supply.

Nigeria’s ambitious plans to boost its crude oil refining capabilities mark a pivotal moment in its economic and energy landscape. With new refineries in development and state-owned facilities undergoing much-needed rehabilitation, the nation is making tangible strides towards a more resilient and self-sufficient energy future. These initiatives not only promise to strengthen Nigeria’s domestic energy industry but also have the potential to position the country as a key player in Africa’s refining sector.

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I’ve read with either great interest or dismay, several informed and uninformed comments about the current Aliko Dangote – NNPC brouhaha. Make no mistake about it. This is a battle that has gone viral and taken the global business, financial, and diplomatic community by storm.

I can not ever recall an attempt of this magnitude by a State-owned company such as NNPC that is designed to discourage, discredit, and destroy a business enterprise of this size, influence, and impact. Never.

The NNPC has been quick to roll out its official spokespersons and political and media backers. Their aspersions have been fast and furious. In some instances, their logic and rebuttals have just not sounded credible.

Some members of the public, giddy with delight, continue to denigrate Aliko and the Dangote Group. Rather than deal with the exact and immediate nature of Aliko’s problems with NNPC, they throw up spurious statements about ‘karma,’ and Aliko’s alleged monopolistic business tendencies.

Others, sensing that there is much more to this ugly public spat than meets the eye, have defended Aliko as most right-thinking entrepreneurial and business-minded Nigerians would.

The stakes are high. Whether we like it or not,

1. This is a massive de-marketing of Nigeria, investment wise.

Proverbially, money only goes where it is made comfortable. Markets and investment analysts always respond to signals. And this one is not good, nor does it bode well for Nigeria.

Africa and Nigeria, in particular, suffer rightly or wrongly from an asymmetry of perception and information. Ours is a narrative that is in constant need of improvement. Consequently, if you have ever been part of a Nigerian investment road show, you will realize how challenging it is to convince global investors that the country is a desirable investment destination.

The current drama plays right into the preconceived narrative about Nigeria – a nation where those who sacrifice, indeed become the sacrifice, as someone has already rightly commented.

2. Outside of the Federal Government of Nigeria, Aliko Dangote is the largest employer of labor in Nigeria. Hundreds of thousands of Nigerians depend on the Dangote Group for jobs and a decent living. They are paid on time and not owed a salary arrears, as is the case with some unmentionables. Many more are direct and indirect beneficiaries of Dangote enterprises across several value chains in the country.

3. In the daily economic, financial, social, and development landscape of Nigeria, Aliko Dangote is a force to be reckoned with. This is an undeniable fact. Referring to Aliko as a ‘monopolist’ in the oil refining business is one of the most laughable comments I have heard.

Aside from the huge financial burden (one that has turned Aliko’s hair completely grey in the span of less than a year), the vision, boldness, and logistical genius that it has taken to set up this refinery, is simply mind boggling. As a visionary leader and entrepreneur, he has my greatest respect.

Regrettably, Nigeria is one of the only countries I know of where those producing nothing and doing nothing take perverse delight in pulling down the accomplished and successful. I guess doing so psychologically detracts from their own failures or their abject lack of accomplishment. If you have lived, worked, or invested in Nigeria long enough, you will be quite familiar with this phenomenon and those it describes.

At a great cost to Nigerian taxpayers, the country owns and runs four abysmally non-preforming oil refineries in Kaduna, Port Harcourt, and Warri. Scandalously, for decades, Nigeria has spent millions, if not billions of dollars, ‘upgrading’ these elephant projects to no avail.

What Nigeria has done and continues to do with its oil sector is a scandal of epic proportions. We are one of the world’s leading producers of crude oil, yet it has pleased and profited some to ensure that Nigeria daily exports its raw crude and then re-imports it into the country as refined finished products. Sometimes, Nigeria’s reality is stranger than fiction. But then, sadly, it is what it is.

The cost to Nigeria in lost revenues, foreign exchange, jobs, and business opportunities is unquantifiable. Yet, the status quo means nothing to some, nor does it move the hearts of the powers that be. For many, the end justifies the means … whatever means possible.

Caught in the middle are millions of Nigerians who daily suffer the indignity of poverty in the midst of plenty. That is the tragedy of Nigeria and the current spat between two key players.

The saga provides his Excellency, the President of the Federal Republic of Nigeria, Ashiwaju Bola Ahmed Tinubu (GCFR), whose mercurial business mindset is legendary, the opportunity to –

• Wade in, intervene, calm nerves, and ensure peace prevails.

• Sanitize Nigeria’s oil sector (a perennial challenge that I am sure even Angels will ask God to be reassigned from), and

• Quickly bolster global investor confidence.

I wish the Federal Government, the Dangote, Group, and the good people of Nigeria, all the best.

The post The De-Marketing of Nigeria As An Investment Destination: The NNPC – Aliko Dangote Saga appeared first on African Leadership Magazine.

Kyari underscored the vital role played by academic communities, with a special emphasis on institutions like OAU, in fortifying national energy security through dedicated research and collaborative efforts with the industry. In his engaging address, he tackled head-on the challenges faced by Nigeria in maintaining energy sufficiency and sustainability.

Among the hurdles identified were rapid population growth, pipeline vandalism, and crude oil theft. Kyari advocated for energy conservation, diversification, and efficiency as pivotal measures to bolster energy security, considering the forecasted doubling of Nigeria’s energy demand by 2050.

Highlighting the intricacies of pipeline vandalism and oil theft, Kyari shed light on NNPC Ltd.’s proactive approach. The establishment of a command-and-control centre has proven instrumental in detecting and dismantling illegal refinery sites, removing illegal connections, and effectively combating vandalism across operational corridors since 2021.

The CEO proudly shared the centre’s achievements, noting, “The centre provides livestreaming of surveillance data to security forces, contributing to the detection and destruction of over 5,686 illegal refinery (IR) sites and the removal of 4,480 illegal connections (ICs) from 2021 to the present.”

Addressing the severity of vandalism and oil theft, Kyari hinted at a strategic shift. NNPC Ltd. is focusing on increased product trucking and storage in underground tankages at filling stations nationwide. The acquisition of OVH retail stations in 2021 has positioned NNPC Ltd. as the largest single downstream company in sub-Saharan Africa.

In the wake of the Petroleum Industry Act in 2021, Kyari proudly highlighted NNPC Ltd.’s transformation into a fully commercial limited liability energy company. The removal of fuel subsidies, he stated, has enabled the company to play a more active commercial role, ensuring profitability and delivering greater value to Nigeria’s burgeoning population.

As we navigate the evolving landscape of the energy sector, Kyari’s call for collaboration with academia resonates as a key to unlocking innovative solutions. The future of energy security, sustainability, and profitability in Nigeria rests on the shoulders of collaborative efforts that bridge the gap between industry and academia.

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The illicit syphoning of crude oil yields deep-rooted consequences in Nigeria, leading to severe economic repercussions. Oil theft causes substantial revenue loss and disrupts oil operations, significantly impacting Nigeria’s economy. Nevertheless, the proactive measures and strategic arrests by the Nigerian Navy aim to alleviate these economic adversities by targeting those involved in these illegal activities.

Significantly, the Navy’s involvement in apprehending crude oil thieves extends beyond economic ramifications. It assumes a critical role in preserving national security. Oil theft foments unrest in the Niger Delta region, posing a substantial threat to Nigeria’s stability. By actively combating these criminal activities, the Navy contributes significantly to restoring peace and stability in the region.

The recent string of apprehensions made by the Nigerian Navy further underscores their dedication to combating oil theft. In particular, the capture of the Motor Tanker VINNALARIS 1 LAGOS stands out as a significant milestone. This vessel, found engaging in the illegal syphoning of crude oil from the EBESAN oil field, was promptly apprehended by the Nigerian Navy Forward Operating Base (FOB) IGBOKODA in Ondo State.

Details of this apprehension, outlined in a recent press release, narrate the vessel’s active involvement in oil theft and the subsequent capture of its 17-member crew. The vessel’s capacity of 15,000 metric tonnes, loaded with approximately 500 metric tonnes of stolen crude oil, depicts the magnitude of illegal operations intercepted by the Navy.

Furthermore, the Navy’s warnings to criminals and their associates, along with their plea for cooperation from the public to report criminal activities, signify a collective responsibility in combating oil theft. Such collaboration is crucial to supporting the Navy’s mission to protect Nigeria’s maritime environment and promote economic prosperity.

However, challenges persist, with allegations of involvement by the Tantita Security Service (TSS) in these illegalities. Despite false alarms raised by TSS after the Navy’s vessel arrest, the Nigerian Navy remains steadfast in fulfilling its constitutional mandate to safeguard Nigeria’s maritime environment.

Recognising the collaborative efforts between the Navy and agencies like the Nigerian National Petroleum Corporation (NNPC) is imperative. Advocating the use of advanced technology for enhanced surveillance and security against oil theft, these alliances reinforce the Navy’s commitment to eradicating oil theft and preserving the ecosystem from harmful practices associated with illegal oil operations.

As mentioned earlier, the arrest of MT VINNALARIS 1 LAGOS echoes the Nigerian Navy’s resolute determination to eliminate oil theft and protect Nigeria’s maritime territories. It signifies their commitment to upholding the rule of law, ensuring national security, and fostering economic prosperity for Nigeria. The Navy’s relentless efforts continue to emphasise the severity of oil theft as a national concern and the imperative need for sustained vigilance to overcome this challenge.

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At the ongoing United Nations Climate Change Conference, COP28, held in Dubai, UAE, the Oil and Gas Decarbonisation Charter was unveiled, setting an ambitious target for the industry to achieve net-zero emissions by 2050. This pact also pledges to attain near-zero methane emissions and cease routine flaring by 2030.

During a crucial panel session themed “Accelerating the Elimination of Methane Emissions and the Decarbonisation of Oil and Gas,” NNPC Ltd’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan, underscored the significance of this charter, not only for NNPC Ltd but also for the African sub-region.

Eyesan highlighted, “Africa’s three percent contribution to emissions doesn’t exempt us from their consequences. The decarbonisation drive isn’t just ethical but also a strategic imperative for a significant African National Oil Company (NOC) like ours.”

She stressed Nigeria’s commitment to the Decade of Gas, aiming not just for increased gas production for export but also for local and regional consumption, aligning with the African sub-region’s economic growth.

“Together with our partners, we’re committed to achieving zero-flare and reducing methane emissions by 2030, fitting our long-term vision,” Eyesan reaffirmed.

COP28: NNPC Leading the Charge for Oil and Gas Decarbonisation

She acknowledged the challenges of finance and technology in meeting these commitments, advocating for partnerships between African nations and entities possessing the requisite resources.

NNPC Ltd. remains steadfast in diversifying energy sources and investing in solar, wind, and renewables to bolster sustainability and drive environmental progress.

On the technical front:

Scope 3 emissions for oil and gas: Scope 3 emissions encompass indirect emissions stemming from the use of oil and gas products, like emissions from burning petrol, diesel, and natural gas by consumers in various sectors, constituting a significant part of the industry’s carbon footprint.

Impact of the oil and gas industry on climate change: The industry contributes significantly to climate change through the extraction, production, and consumption of fossil fuels, releasing methane and CO2, major greenhouse gases, into the atmosphere, exacerbating global warming.

Greenhouse gases in the oil and gas sector: The primary greenhouse gases emitted include CO2, methane (CH4), and nitrous oxide (N2O) during various processes like extraction, transportation, and combustion of fossil fuels, with methane being particularly concerning due to its higher potency as a greenhouse gas.

Carbon emissions from oil: Carbon emissions from oil combustion, mainly in transportation and industrial processes, contribute a substantial portion of global CO2 emissions, estimated to be around 45%.

NNPC Ltd.’s proactive stance signals a progressive shift in addressing climate concerns within the industry, heralding a pivotal chapter in Africa’s energy evolution.

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This was disclosed in a series of tweets via its official Twitter handle where NNPC stated that the MoU, which would be signed in Rabat, Morocco, would also involve the Economic Community of West African States.

The oil firm said, “In line with Federal Government’s mandate to drive the execution of the 7,000km Nigeria Morocco Gas Pipeline Project, the Group Chief Executive Officer, NNPC Ltd, Mele Kyari, today (Wednesday) paid a courtesy call on the President, ECOWAS Commission, Dr Omar Touray.

“The visit was in preparation for the signing of a Memorandum of Understanding between the NNPC Ltd, Office National des Hydrocarbures et des Mines (ONHYM) of Morocco and the ECOWAS, scheduled to hold on September 15, 2022, in Rabat, Morocco.

“During the visit, the NNPC Ltd and the ECOWAS Commission reaffirmed their commitment towards the project, which, when completed, will provide gas to the West African countries through to the Kingdom of Morocco and subsequently to Europe.”

It added, “The NNPC and ONHYM would also sign two MoUs with Société Mauritanienne des Hydrocarbures of Mauritania and Petrosen of Senegal, both of whom are expected to participate in the project.”

The NNPC stated that once completed, the project would supply about three billion standard cubic feet of gas along the West African Coast from Nigeria, Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea Bissau, Gambia, Senegal and Mauritania to Morocco.

“Other benefits of the NMGP project include improving the living standards of people, integration of the economies within the sub-region and mitigating against desertification through sustainable & reliable gas supply,” the oil firm added.

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To combat the problem, Nigerian oil authorities have launched a mobile app for reporting illegal activities and rewarding informants.

The launch of the crude oil theft monitoring app, it was learnt took place last Friday in Abuja, during the signing of renewed production contracts between the Nigeria National Petroleum Commission and its oil drilling partners.

Authorities said the mobile platform was created for members of host communities in oil-rich regions to enable early reporting of incidents and spur immediate action from relevant security and government authorities.

Besides, Whistleblowers will also be rewarded.

During the launch, the NNPC group head, Mele Kyari admitted that pipeline vandalism has become difficult to control.

In July, Nigeria changed its oil firm from a solely state-run entity to a commercial oil company.

Emmanuel Afimia, the founder of an Abuja-based energy consulting firm, said addressing oil theft is an important issue the new company must deal with to improve its earnings.

“At this point, NNPC would be able to at least find solutions to the issue of subsidies, to the issue of inefficiencies, to the issue of loss every year,” he said. “Because the effect would actually be felt by them, so I’m not sure they would want to continue with the way they’ve actually been operating the corporation. So this is definitely the right step in the right direction.”

According to the NNPC, with losses of 200,000 barrels of crude oil a day Nigeria loses about $4 billion in revenue every year.

Kyari said so far this year, the country has already lost $1.5 billion due to the escalation of pipeline vandalism and oil theft at the Bonny Terminal in Rivers State.

But Toyin Akinosho, publisher of the Africa Oil+Gas Report, said beyond launching an app, political will is needed to address the problem.

“It’s very important that the state hydrocarbon company itself is announcing this [but] it’s not just a question about tracking, it’s actually how you deliver on ensuring that those incidents don’t happen again,” he said. “There has to be the willpower to deliver. That’s what I’m interested in.”

Nigeria has been seeking to cash in on rising energy prices as Europe tries to wean itself off Russia’s energy supply following the country’s invasion of Ukraine.

Authorities have revived decades-old “Trans Saharan” pipeline projects from Nigeria to Algeria and also from Nigeria to Morocco. Both projects are targeting European energy markets.

But Akinosho said the projects may not be completed until a few years from now.
“Whatever it is that we’re even building will take a bit of time,” he said. “You can’t construct these pipelines that the government is talking about, you can’t deliver them in less than three, four years.”

In January of this year authorities in Nigeria’s oil-rich Rivers State began cracking down on illegal refineries locally known as “Kpo-fire.” Many operators were arrested.

Authorities say the government’s oil and gas revenue target this year is now threatened by a production shortfall of 28 million barrels caused by oil theft between January and July.

(VOA)

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Buhari says the Nigerian National Petroleum Company would improve energy security amid shortages and high prices. But energy experts in Nigeria, Africa’s largest oil producer, question if needed reforms will accompany the re-branding.

The transition of the Nigerian National Petroleum Corporation (NNPC) into a limited liability company took place Wednesday at a high-level state event in Abuja.

During the meeting, President Muhammadu Buhari and other top government officials unveiled the new company’s logo and said its asset base will be declared soon.

Buhari said it was a landmark moment for Nigeria’s oil industry and that it would guarantee energy security in the country.

The president also said the new oil company will operate independently, without relying on government funding and rules.

Buhari says it will position Nigeria to earn a bigger income from oil and address local energy needs.

“Our country places a high premium on creating the right atmosphere that supports investments and growth to boost our economy and continues to play an important role in sustaining global energy requirements. We’re transforming our petroleum industry to strengthen its capacity and market relevance for the present and future energy priorities,” he said.

The transition was triggered by Buhari’s signing of a petroleum industry bill into law last August.

Nigeria is Africa’s biggest oil producer and also has huge natural gas reserves. But the country lacks refineries and a reliable electrical grid, leaving millions to grapple with regular power cuts, fuel scarcity and high energy prices.

Some experts like Emmanuel Afimia, founder of Abuja energy consulting company Enermics Consulting Limited, say oil company leaders need to move past business as usual.

“One of the problems we’ve always had in Nigeria is the problem of implementation. If NNPC can actually do the right thing if the regulatory authorities can also do the right thing, then I believe that NNPC will be able to achieve its objectives of maximizing the opportunities, maximizing output and also maximizing the profit in the industry,” he said.
Afimia says if properly run, the company will attract more investment.

“With this, funding issues will be resolved because NNPC can simply go into its purse to bring out funds to for funding new oil and gas projects without having to wait for the president or house of assembly to approve anything, it would ensure that the country is able to move fast, and then investors will be confident enough to invest in NNPC,” he said.

Authorities say the company could be ready to list its shares on the stock exchange by the middle of next year.

Many will be watching to see how — and if — the rebranding changes the status quo.

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NNPC Group Managing Director, Dr. Maikanti Baru, made this commitment while delivering a keynote address at the 8th Practical Nigerian Content Conference in Yenogoa, Bayelsa State, saying strategies for implementing the NCDMB Local Content development includes closing human capacity gaps, skills acquisition and assets ownership by indigenous companies, among others.

He explained that the theme of this year’s Conference: “Driving Economic Development and Sustainability” is very relevant to NNPC, the Industry and the country at large given the considerable gains recorded in the nation’s Oil and Gas landscape.

The GMD said that as early as 2005, despite almost 50 years of a vibrant national oil industry experience, NNPC was concerned at the low level of Nigerian Content in the country and thus called for a fresh approach to domesticating Oil and Gas Industry spend through the establishment of the Nigeria Content Division (NCD) with the aim of identifying and guiding the implementation of key national content initiatives, including promoting local manufacturing of steel plates & pipes and developing engineering design expertise in the country.

Dr. Baru maintained that by 2010, when the Nigerian Oil and Gas Industry Content Development (NOGICD) Act was enacted, a National Content Coordination Framework, which incorporates the key stakeholders in achieving increased linkage of the petroleum sectors with other sectors of the economy, was established under NNPC’s Nigeria Content Division, stressing that the Division then metamorphosed into today’s NCDMB.

The NNPC GMD listed the achievements recorded in the development of Local Content to include ramping up pipe mills from 100,000MT/annum to 420,000MT/annum, representing 40 per cent of industry demand and the sustainable engagement of indigenous service companies and contractors to carry out NPDC’s operations and maintenance activities.

He disclosed that the NNPC was actively collaborating with NCDMB to drive indigenous participation through the engagement of community resources, human resources and capital in the execution of Joint Venture projects and maintenance activities.

Dr. Baru stated that in a bid to stimulate the participation of indigenous companies in the Oil and Gas Industry, NNPC has continuously worked with NCDMB to align the Nigerian Petroleum Exchange (NipeX) portal and the Nigerian Oil and Gas Industry Content Joint Qualification System (NOGICJQS) portal with a view to adequately capture the capacity of local companies to enable them take advantage of the available opportunities.

He revealed that as at today, local companies are now active participants in the bidding process for the crude oil term contracts and the Direct Sale of Crude Oil and Direct Purchase of Petroleum Products (DSDP) contracts.

“Hitherto, this is an activity that was exclusively reserved for foreign companies”, he stated.

He said in order to directly intervene in local participation, NNPC established the NNPC Oil Field Services Limited (NOFS) to create sufficient capacity for direct involvement in the provision of high-end value-added services to the industry.

The NNPC helmsman also averred that the corporation has also continued to midwife local companies to be on the driver’s seat in rehabilitating and revamping critical downstream assets – product pipelines, storage facilities and the refineries.

He said the NNPC was proud of the Nigeria Content achievements in the nation’s sustainable economic development, saying that the achievements have stimulated other sectors like Information & Communication, Automobile, Construction and Power.

The Executive Secretary of NCDMB, Engr. Simbi Wabote, applauded the NNPC for driving sustainable economic development through the Board even as he assured of the benefits of the initiative to the country going forward.

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Speaking during the NNPC Day at the just concluded International Trade Fair in Lagos, Baru said NNPC currently holds 14 per cent market share of the downstream sector and has expanded its retail outlets to achieve its objectives.

“In order to achieve this target, we at (NNPC), have expanded our retail outlets, notable examples are, indeed, located in the Southwest. For example, we have the newly constructed ultra-modern mega station along the Lagos-Ibadan Expressway,” he said.

According to him, the corporation was leaving no stone unturned to ensure that Nigerian Pipeline and Storage Company (NPSC) already in existence is rehabilitated and new ones added as part of efforts to ensure efficient storage and distribution of petroleum products across the country, thereby ensuring supply reliability and energy security.

He said the NNPC has completed the rehabilitation and restoration of the vandalised 36, 42 and 48 Forcados Oil Terminal (FOT) Export pipelines, leading to the resumption of production operations in the terminal.

“The corporation has also completed the repair of the vandalised 20” ELPS-A pipeline, thereby, ensuring gas supply to gas-fired power plants and supply into the West African Gas Pipeline,” he added.

Baru said NNPC has awarded the contract for the construction of the Ajaokuta-Kaduna-Kano (AKK) line gas infrastructure projects, adding that the corporation is expanding and integrating the country’s gas pipeline network system to meet the unprecedented domestic gas demand.

‘’We have recorded significant progress in the execution of key on-going gas pipeline infrastructure projects (ELPS II, OB3),” he said.

According to Baru, the ongoing transformation is not limited to the downstream sector, stressing that NNPC has kick-started the process of rebranding some critical midstream entities, and with the downstream, “we are not only creating new logos for these companies, we are repositioning them all for global competitiveness in line with the 12 Business Focus Areas of our administration”.

He said with these measures in place, the corporation strongly believes that the initiatives will invariably impact positively on the nation’s economy, stressing that NNPC is representing the interests of the government in the oil and gas industry.

He said, the corporation, in line with its corporate social responsibilities, will continue to improve on its systems, processes and procedures in order to add value to the exploitation of hydrocarbon resources in the country.

It would be recalled that the downstream sub-sector of the oil industry was partially deregulated, a development many stakeholders have described as not too healthy for the industry.

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