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| Dr. Emmanuel Ibe Kachikwu, GMD, NNPC |
The Minister
of State for Petroleum Resources and Group Managing Director of NNPC, Dr. Emmanuel Ibe Kachikwu, who
disclosed this while receiving the House of Representatives Committee on
Petroleum Downstream in Abuja, said the petroleum industry is currently
undergoing fundamental changes in the face of dwindling global crude oil
prices.
He therefore
sued for the support of members of the National Assembly to allow the NNPC
solicit for funds from private local and international investors to execute its
capital projects.
Dr. Kachikwu
said the NNPC has complied with the Federal Government directive on the Treasury Single Account (TSA) which
according to him promotes probity and accountability in the day-to-day
operations of the Corporation.
He informed
that some of the subsidiaries of the NNPC are being unbundled in order to
guarantee energy efficiency and security stressing that the Pipelines and Products Marketing Company
(PPMC) is being restructured into a pipelines company, products marketing
company and a storage company.
According to
him, 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, he
stressed 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.
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.
The Chairman
of the House of Representatives Committee on Petroleum Downstream, Hon. Joseph Akinlaja, 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. (Guardian)
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