The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, on Wednesday in Abuja, told the Senate that there would be no fuel scarcity in the country in the next three months.
Kyari gave this assurance while speaking at a courtesy visit on the leadership of the Senate in Abuja, saying that the passage of the Petroleum Industry Act (PIA) had ensured that “energy supply was stable, creating cheaper energy” for Nigerians.
He disclosed that the Corporation has “robust supply plants from now until next year; we have always planned for three months. And I guarantee you your Excellency that we will not see any shortages in our country. You may see a number of scattered reports that of filling stations that people will call it queues; they are not.”
He also revealed that the oil giant occupies over 30 percent of the downstream sector in the oil and gas business, adding that the Corporation “will optimally provide” petroleum to consumers.
While linking the challenges in the sector to oil theft and pipeline vandalisation, Kyari said that the country has recovered up to N1.7 million barrels of crude oil following increases monitoring and supervision of the facilities by independent pipeline security companies, and the military.
He said “In the last 5-6 months government security agencies and private security companies have done things differently, and it has yielded results.”
He stressed that the oil regulator aimed at meeting its targeted contribution to the budget, as he said that “with all the ongoing activities and engagements, with the support of Mr President around how to contain the issues of infractions on our pipelines, the actions of vandals which we have been getting the support of the Senate to make sure that something is done about itll to bring it to the barest minimum; so that oil pipelines are restored, so that we can continue to increase production, and the confidence of investors so that no one would produce oil when he is not sure of producing oil for the future market.”
He assured the leadership of the Senate that the NNPCL would restart the Port Harcourt refinery in December, followed by the Warri refinery to start in the first quarter of 2024.
He added that these would be complimented by small scale refineries, as he underscored that the Corporation has recorded a N274 million profit in 2021, a growth from 2018.
Accordingly, Kyari maintained that the NNPCL may post profit in excess of N2 trillion in 2023; adding that in 2024 Nigeria will be a net exporter of petroleum products.
On his part, the Senate President, Godswill Akpabio, tasked the management of the NNPCL to seek ways of deepening the consumption of locally produced petroleum products.
He also called for the establishment of modular refineries, as well as the renovation of existing ones “to create a multiplier effect which will include creation of jobs for our teeming youths, and more security for the country.”
He also explained efforts by the Upper Chamber of the National Assembly to end oil theft and pipeline vandalisation which, according to him, was costing the nation revenue losses.
The President of the Senate revealed further that the Red Chamber would partner with the NNPCL in creating legislations that would smoothen ease of business for stakeholders in the oil and gas sector.
While commending the Corporation for ensuring an end to the fuel subsidy regime, the Senate President called for capacity building for legislatures to ensure proper legislative input in the sector.
Addressing the delegation from the oil giant, Senator Akpabio said, “Nigerians want to hear good news and you came with a very good news. And this is good news.”
He expressed satisfaction at the resolution of the deficit in the account of the Corporation, he said that the Senate is “a people focused Senate” that is set to bring benefits to Nigerians.
