Thursday, September 23, 2021

    NNPC working with investors for establishment of 250,000b/d refineries

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Lagos — The Nigerian National Petroleum Corporation, NNPC, is working with investors for the establishment of new 250,000 barrels per stream day refineries.

    NNPC’s Group General Manager, Greenfield Refineries and Project Division, GRPD, and Managing Director of the NNPC Greenfield Refinery Limited, NGRL, Engr. Bege Talson, disclosed this at the inauguration of the board of the company in Abuja.

    Talson said the investors would be establishing greenfield, modular and condensate refineries with a combined capacity of 250,000 barrels per stream day, bpsd.

    The NNPC Greenfield Refinery Limited is a subsidiary of the corporation set up in December 2020 with a mandate to oversee the establishment and operation of new refineries.

    It has the Group Managing Director of the NNPC, Mallam Mele Kyari, as chairman.

    Other members of the board include Group Executive Director, Finance & Accounts, Mr. Umar Ajiya; Managing Director of the Nigerian Gas Company, NGC, Engr. Oluwaseyi Omotowa; Managing Director of NNPC Retail, Mrs. Elizabeth Aliyuda; Managing Director of the Nigerian Petroleum Development Company, NPDC, Mr. Muhammad Ali-Zarah; and Tolulope Olubommo as Company Secretary and Legal Adviser.

    During the inauguration, the Group Managing Director of the NNPC, Mallam Kyari, charged the board to explore all available options to bring an end to the current challenge of petroleum products importation in the country.

    In his remarks, the Alternate Chairman of the Board and NNPC’s Group Executive Director, Refinery and Petrochemicals, Engr. Mustapha Yakubu, assured that the operations of the company would be guided by the principles of cost effectiveness in line with the new Petroleum Industry Act, PIA, noting that profitability would be the key focus.

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