Our PMS supply will last beyond yuletide, Kyari tells Senate

VANGUARD

The Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, has said the Company has already made a robust plan for the supply of petroleum products especially Premium Motor Spirit (PMS), also known as petrol, sufficient enough to last beyond the ember months and the new year festivities.

A statement by the Chief Corporate Communications Officer of NNPCL, Mr Olufemi Soneye, said Kyari remarked when he led an NNPC Ltd delegation on a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja, on Wednesday.

“By the creation of the National Assembly, NNPC Ltd is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end-of-the-year festivities and beyond. We do not see any shortages in the petroleum products supply for the period.” the GCEO added.

While lauding the National Assembly for its critical role in the enactment of the Petroleum Industry Act (PIA) 2021, Kyari said that singular legislative endeavour had given birth to a new commercially-oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.

Speaking further, Kyari stated that with the passage of the PIA 2021, NNPC Ltd’s profitability margins have significantly risen, growing from a loss position of $ 803 billion in 2018 to a profit position of N274 billion in 2021.

Kyari said that NNPC Ltd is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.

He said currently, the NNPC Ltd is involved in the entire value chain of the entire oil and gas business and controls over 30% of the nation’s petroleum retail market.

While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services, as well as third-party security contractors, has been yielding results, mostly in the area of increased crude oil production.

The GCEO said NNPC Ltd is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.