Date Published: 09/14/10

NNPC restates commitment to expansion of refining capacity

In consonance with its commitment to guarantee unimpeded supply and distribution of petroleum products across the country, the Nigerian National Petroleum Corporation, NNPC, has reaffirmed its commitment to build more refineries in the country to boost local refining capacity as well as create employment opportunities for the teeming unemployed youths.

The Group Managing Director of the Corporation, Austen Oniwon disclosed this when the Senior Executive Course No. 32 of the National Institute of Policy and Strategic Study, NIPSS, paid him a courtesy visit at the NNPC Towers Abuja.

Oniwon stated that the NNPC more than ever before is determined to build more refineries in order to complement the existing ones noting that with the daily increase in the consumption of petroleum products in the country, the Corporation has gone into a strategic partnership with a Chinese firm to build additional three Greenfield Refineries and a Petrochemical plant in three different states of the Federation.

Presenting a paper titled: Imperative of Policy Sustainability for National Security and Democratic Stability NNPC Perspective, Oniwon averred that the new NNPC vision as a premier Nigerian Integrated Oil and Gas Company is to operate at world class levels by maximizing value addition and creating high value opportunities for Nigeria and Nigerians.

He said the Corporation is currently involved in the repositioning of gas for rapid domestic, regional and export penetration as contained in the Gas Master Plan saying efforts are being made to revitalize downstream capacity to support domestic energy needs hence the present drive for Greenfield Refineries and a revamp of the old ones.

The NNPC helmsman observed that the Corporation is presently undergoing a transformation process that would make it compete with other Integrated National Oil Companies in the world.

Oniwon submitted that the Petroleum Industry Bill currently before the National Assembly if passed would reform key institutions to anchor sustained growth in the Oil and Gas Sector in the Country.

“The main engine of transformation of the petroleum sector is the PIB. The bill seeks to reform the Petroleum Sector such that the National Oil and Gas Industry will achieve 21st century global industry performance. The bill when passed into law will decentralize the industry and make it more efficient and result
oriented,” The GMD informed.

He maintained that the NNPC has contributed significantly to the nation’s democratic stability and development by carrying out operations that spans the entire oil and gas value chain with a robust resource base.

The NNPC helmsman concluded by recommending constant review of policies to enhance maximum returns on Oil and Gas assets, elimination of bureaucratic bottlenecks, value addition in all the Oil and Gas value chains and be a player in the global oil and gas industry.

Speaking earlier, the Director of studies NIPSS and leader of the delegation, Prof. Thomas Imobighe spoke on the need for the retention of laudable policies
that impact positively on the economy by successive administrations and assured of the Institute’s readiness to propagate policies that will be of interest to the Nigerian economy.