Following federal government’s decision to end subsidy on petrol, the Nigerian National Petroleum Corporation (NNPC) says it will support ongoing initiatives by the Ministry of Petroleum Resources to provide alternate fuel source to Nigerians through aggressive activation of Compressed Natural Gas (CNG) refill stations for motorists across the country.
The Group Managing Director of the Corporation, Mallam Mele Kyari, on a national television programme, disclosed that NNPC has already keyed into the gas penetration agenda as championed by the Minister of State, Petroleum Resources, Chief Timipre Sylva.
He said as an energy company with 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.
Kyari also shed more light on the status of the nation’s refineries, noting 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.