By Ikenna Omeje

The Group CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has assured of adequate supply of petroleum products, particularly Premium Motor Spirit (PMS), popularly known as petrol, during the yuletide.

According to Kyari, the national oil firm has  already made a robust plan for petrol supply, sufficient to last beyond the ember months and the new year festivities.

He made the disclosure on Wednesday  when he led an NNPC Limited delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja.

“By the creation of the National Assembly, NNPC Ltd. is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” a statement by Chief Corporate Communications Officer of NNPC Limited, Olufemi Soneye quoted Kyari as saying.

While commending the National Assembly for its  role  in the enactment of the Petroleum Industry Act (PIA) 2021, the NNPC Limited boss stated  that the law had given birth to a new commercially oriented national oil company, which is  governed by the principles of the Company & Allied Matters Act (CAMA).

He stated further that with the passage of the PIA 2021, NNPC Limited’s profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021.

Kyari noted that NNPC Limited is targeting a profit increase of N2 trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.

“He also said that the NNPC Limited is involved in the entire value-chain of the oil and gas business and controls about 30 percent of the nation’s petroleum downstream retail market.

“While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors has been yielding results, mostly in the area of increased crude oil production.

“The GCEO said NNPC Ltd. is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.

“He further assured that NNPC Ltd. is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products,” the statement said.

Responding, Akpabio assured the NNPC boss of the 10th Senate’s support, adding that the Nigerian parliament appreciates the Kyari-led management for its commitment to ensuring robust petroleum product supply during the yuletide period.

“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient product supply this coming festive period and beyond,” Akpabio stated.

The senate president also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy, in line with President Bola Tinubu’s administration’s ‘Renewed Hope Agenda’.