{"id":87649,"date":"2021-10-27T08:57:37","date_gmt":"2021-10-27T07:57:37","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=87649"},"modified":"2021-10-27T08:57:37","modified_gmt":"2021-10-27T07:57:37","slug":"nnpc-seeks-2-7bn-to-sustain-petroleum-products-distribution","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nnpc-seeks-2-7bn-to-sustain-petroleum-products-distribution\/","title":{"rendered":"NNPC Seeks $2.7bn To Sustain Petroleum Products Distribution"},"content":{"rendered":"
\n
The Nigerian National Petroleum Corporation Limited says it would require\u00a0 about $1.6 \u2013 $2.7 billion to improve the supply and distribution petroleum of products.<\/div>\n
\n
\nThe money would also be injected into rehabilitation of Liquefied Natural Gas,\u00a0 LPG infrastructure and build Compressed Natural Gas, CNG plants.<\/p>\n

In his opening address at the 15th OTL Africa Downstream Week 2021, in Lagos, Group Managing Director of the Corporation,\u00a0 Mele Kyari, said that as Nigeria\u2019s demand for petroleum products is expected to grow from 15.1 million metric tonnes,\u00a0 MT in 2020 to 17.3 million MT by 2025, the country needs a refining capacity of about 1.52 million barrels per stream day (MBPSD), to meet its Premium Motor Spirit, PMS otherwise called petrol requirement in the next 4 years.<\/p>\n

Kyari, said that the NNPC Refineries\u2019 445,000 BPSD and Dangote Refinery\u2019s 650,000 BPSD running at 60 per cent and nameplate capacity respectively would supply 76 per cent of that requirement, leaving a shortfall of about 17 million liters of PMS daily.<\/p>\n

According to him, the NNPC would be adding 215,000 BPSD of refining capacity through private sector driven co-location at the existing facilities in PHRC and WRPC respectively.<\/p>\n

In addition he said modular refineries would also be adding capacities such as the 5,000 BPSD Walter smith refinery which will be upgraded to 50,000 BPSD. Additional 250,000 BSPD is expected to come from the Condensate Refineries through the private sector partnership, he said.<\/p>\n

Furthermore Kyari, stated that the co-location and Condensate refineries will close the PMS supply-demand gap and create positive returns to the investors<\/p>\n

About $3.097 billion investment opportunities exist in Condensate refineries while $1.6 \u2013 $2.7 billion is required by NNPC to improve the supply and distribution petroleum of products, revamp LPG infrastructure and build CNG plants.\u201d disclosed.<\/p>\n

The GMD, also said that the demand for natural gas is anticipated to grow about 2 to 4 times over the next decade increasing from 4.8 billion cubic feet per day, bcf\/d in 2020 to between 10 \u2013 23 bcf\/d in 2030.<\/p>\n

\u201cPresently, supply into the domestic market is about 0.8 bcf\/d to power, 0.77 bcf\/d to industries, about 0.54 bcf\/d is flared and 3.2 bcf\/d is for export gas (LNG and WAGP). \u201cAchieving this growth in demand will be occasioned by increasing the dispatchable capacity of existing power in line with the Presidential Power Initiative (1.4 bcf\/d), assuring delivery of major fertilizer projects (Dangote, Brass).5 bcf\/d), and enabling industrial demand for natural gas in the Northern axis of the country (1.2 bcf\/d).\u201d he said.<\/p>\n

Kyari in addition said that the Nigeria\u2019s Oil & Gas industry has been in transition prior to PIB passage in response to the global energy transition and decarbonization initiatives, stressing that it will be difficult to discuss the transition in Downstream sub-sector in isolation of the overall evolution that is happening in the industry.<\/p>\n

He said that the NNPC has diversified its portfolio over the years transiting to an energy company with new investments in gas, power, and renewables. Key pipeline projects are on-going to assure delivery of the gas to the demand nodes.<\/p>\n

He disclosed that the OB3 project which brings gas from East to West is nearing completion while the 614km Ajaokuta, Kaduna, Kano (AKK) project which was launched by President Muhammadu Buhari in June 2020 is progressing very well.\u00a0 These could add up to $40 billion to annual GDP and create additional 6 million jobs, he said.<\/p>\n

Also he said the Corporation has progressed with the Refineries Rehabilitation Programme to further boost its participation in the Oil & Gas value chain by awarding the $1.5 billion Port Harcourt rehabilitation contract with the commitment to deliver on Warri and Kaduna Refineries.<\/p>\n

The rehabilitation of critical Downstream infrastructure comprising of major pipelines, depots and terminals through the Build, Operate and Transfer (BOT) financing model is on course.<\/p>\n

On gas commercialisation effort, Kyari said the Federal Government has declared 2021 \u2013 2030 as decade of gas development in Nigeria.<\/div>\n
The National Gas Expansion Programme (NGEP) was established by the Government to achieve the Gas Flare Commercialization for monetization of flared gas through investment in processing and distribution infrastructure and to realize the LPG Expansion and Penetration (from 1 MTPA to 5 MTPA by 2023 and convert 60 million households).<\/div>\n
<\/div>\n
This will support the attainment of the UN Sustainable Development Goal (SDG) 7 through provision of available, affordable and accessible clean fuel.<\/div>\n
<\/div>\n
He said however that cost curtailment measures have been emplaced by NNPC in the face of challenges posed by Covid-19 to achieve efficiency, enable government to raise funds and ensure reasonable return for investors. Contracts were renegotiated in line with NNPC\u2019s Transparency, Accountability and Performance Excellence (TAPE) Agenda to ensure process optimization and business survival in the face of challenges.<\/div>\n
<\/div>\n
Accordingly, the Corporation has declared profit after tax (PAT) of N287 billion in 2020 for the first time in its 44-year history, reducing losses from N803 billion in 2018 to N1.7 billion in 2019.<\/p>\n

He said the NNPC is diversifying her portfolio through acquisition of 20 per cent equity valued at $2.6 billion in the 650,000 bopd Dangote Refinery located in the Lekki Free Zone and this will ensure national energy security and guarantee market for Nigeria\u2019s 300,000 bopd.<\/p>\n

The Corporation is also exploring opportunities across new business frontiers like renewables, he said, adding that \u201cResearch and technology will become more efficient and relevant in Nigeria, particularly with a focus on increasing oil production, growing domestic gas utilisation and hydrocarbon reserves to generate revenue for the nation.\u201d<\/p>\n

Also, the NNPC has established a full-fledged Research Technology & Innovation (RTI) Division to drive the development of creative ideas across the Corporation for sustainable value enhancement.
\n<\/a><\/div>\n<\/div>\n<\/div>\n

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The Nigerian National Petroleum Corporation Limited says it would require\u00a0 about $1.6 \u2013 $2.7 billion to improve the supply and distribution petroleum of products. 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