Nigerian National Petroleum Corporation (NNPC) has announced its readiness to build more depots across the Country.
NNPC Group Managing Director, Dr. Maikanti Baru who disclosed this Monday in Abuja while inaugurating the board of one of its downstream Companies, NNPC Retail limited, said the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country.
Dr. Baru who charged the members of the board to expand the company’s market share from 13 to 30 per cent said building more depots by the corporation was more feasible than acquiring dormant ones.
He lauded NNPC Retail for its strong intervention to wet the market at a time when other downstream players were playing underhand games to create artificial scarcity.
The GMD tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, adding: “By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height’’.
On diversification and backward integration, the GMD directed the company to venture into lubricants production, marine and industrial services to boost its revenue profile as it was an line with our quest as an integrated oil company
Responding, Chairman of the board and Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, said as an NNPC-owned company, the watch word for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive”.
He pledged the commitment of the board and management of the company to the attainment of the goals of the corporation.
Managing Director of the Company, Mr. Yemi Adetunji, expressed delight that the GMD had reinforced the vision of the company to expand beyond the shores of Nigeria, adding that the targets were achievable especially with the support of the board and management of the company.
Other members of the board include: Engineer Henry Ikem Obih, Chief Operating Officer (COO), Downstream, as alternate Chairman; COO, Refineries, Engr. Anibo Kragha; GGM, Shipping, Hajia Aisha Ahmadu Katagun; Mr. Yemi Adetunji and some other top Management Staff.
Mrs. Obioma Agbambo, Company Secretary and Legal Adviser, NNPC Retail, will serve as Secretary to the board.
The Nigerian National Petroleum Corporation (NNPC) has pledged to provide more support to indigenous companies in Nigeria’s Oil and Gas Industry.Group Managing Director of the Corporation, Dr. Maikanti Baru, made the pledge while commissioning the Lagos Midstream Jetty (LMJ) at the Apapa Harbour in Lagos on Tuesday.“NNPC will continue to support all players in the downstream sector of the Oil and Gas industry towards efficient product supply and distribution across the Country,” he stated.Reiterating the Corporation’s commitment to continued collaboration with the private sector, Dr. Baru urged private companies to develop innovative and profitable solutions that would not only aid the development of the Country but also ease the way of doing business.He charged the private sector to continuously look for opportunities to partner with the public sector to enable the realisation of the Country’s economic goals. He noted that the development of the much-needed critical infrastructure s…
Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc has announced unaudited results for the nine months period ended 30 September, 2017, with the following highlights:Commenting on the results, the Group Chief Executive, Oando Plc, Mr Wale Tinubu said: “Our third-quarter financials are reflective of the success of our strategic initiatives of Growth through our dollar earning upstream portfolio; Deleverage through recapitalization and asset divestments and the expansion of our oil export trading business." "The proceeds from our business restructuring have been successfully used in improving our balance sheet with a reduction of N21 billion in our net debt position from N230.6 billion as at December 2016 to N209 billion today.""Despite prevailing headwinds, we continue to create value as seen in our improved performance four quarters in a row and remain confident about the resilience of our business model…
By Oke PeterNigeria lost a whopping $21 billion to its failure to implement the premium element governing the country’s oil and gas production sharing contracts (PSCs) as provided under the Deep Offshore and Inland Basin Production Sharing Contracts Act, the Minister of State for Petroleum, Dr. Ibe Kachikwu disclosed this on Wednesday.Accordingly, the federal government has initiated moves to amend the Deep Offshore Act, in order to increase government’s revenue from crude oil sales when prices exceed $20 a barrel.The Deep Offshore and Inland Basins PSC Act was enacted in 1993 to provide the fiscal framework for foreign investments in deep offshore and inland basin acreages in the oil and gas sector.It was also targeted at addressing the challenges confronting the joint operating agreements (JOA), which paved the way for the Nigerian National Petroleum Corporation (NNPC) to become the concession holder while the international oil companies (IOCs) became the contractors.Following the a…