The Nigerian National Petroleum Corporation has restated its collaboration with the National Assembly to ensure efficiency and transformation of the downstream sector of the Petroleum Industry.
The Minister of State for Petroleum Resources and Group Managing Director of the Corporation, Dr. Ibe Kachikwu, stated this when he received the House of Representatives Committee on Petroleum Downstream at the NNPC Towers in Abuja during their oversight visit to the Corporation.
According to Dr. Kachikwu, “the Petroleum Industry is currently undergoing fundamental changes in the face of dwindling global crude oil prices.”
He asked 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.
The Minister stated that the NNPC had complied with the Federal Government directive on the Treasury Single Account (TSA), which according to him, promotes accountability in the day-to-day operations of the Corporation.
Speaking on the state of NNPC’S subsidiaries, Kachikwu explained that some of the subsidiaries of the NNPC are being un-bundled in order to guarantee energy efficiency and security.
He laid emphasis on the Pipelines and Products Marketing Company (PPMC) being restructured into a pipelines company, products marketing company and a storage company.
The Minister added that despite the challenging environment especially in the area of pipeline security, the NNPC was 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.
Dr. Kachikwu said that the NNPC was going into a 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.
The Minister thereby urged the members of the National Assembly to enact legislation that supports the growth and development of the Petroleum sector in a bid to make the industry work well.
Speaking 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 ensuring its fundamental restructuring of the Oil and Gas Industry for the benefit of Nigerians.
The high points of the oversight visit were the separate presentations of the activities of the PPMC and NNPC Retail by their various Managing Directors.