NNPC, NASS Pledge Speedy Reforms In Petroleum Sector

The Nigerian National Petroleum Corporation (NNPC) has pledged to collaborate with the National Assembly in order to ensure efficiency and transformation of the downstream sector of the petroleum industry.

The Minister of State for Petroleum, Dr. Ibe Kachikwu, gave the information when he received the House of Representatives Committee on Petroleum Downstream at the NNPC’s office in Abuja on Wednesday.

Dr. Kachikwu noted that the NNPC had complied with the Federal Government’s directive on the Treasury Single Account.

Fundamental Changes

In a statement issued by the NNPC’s Group General Manager on Public Affairs, Mr Ohi Alegbe, the NNPC boss called on the lawmakers to enact legislation to support the growth and development of the petroleum sector.

Dr. Kachikwu noted that the Petroleum Industry is currently undergoing fundamental changes in the face of dwindling global crude oil prices and sued for the support of the lawmakers to allow the NNPC solicit for funds from private local and international investors to execute its capital projects.

The Minister said that the compliance with the directive on the Treasury Single Account (TSA) would promote probity and accountability in the day-to-day operations of the Corporation.

Challenging Environment

He informed the lawmakers that some of the subsidiaries of the NNPC were being unbundled in order to guarantee energy efficiency and security.

“Pipelines and Products Marketing Company (PPMC) is being restructured into a pipelines company, products marketing company and a storage company.

“Despite the challenging environment especially in the area of pipeline security, the NNPC is mandated to ensure steady supply and distribution of petroleum products such as Premium Motor Spirit (petrol), Automative Gas Oil (diesel) and Dual Purpose Kerosene (kerosene) across the country.

“The NNPC is going into joint venture partnership with State Governments and private companies to expand its retail outlets across the country in order to meet national energy emergency needs,” Dr. Kachikwu stated.

He urged the members of the National Assembly to enact legislations that support the growth and development of the Petroleum sector in order to make the industry work well.

Earlier, the Chairman of the House of Representatives Committee on Petroleum Downstream, Honourable Joseph Akinlaja, who was accompanied on the visit by members of the Committee, assured the Minister of the preparedness of the National Assembly to support the Federal Government in carrying out its fundamental restructuring of the Oil and Gas Industry for the benefit of Nigerians.