Business
Kachikwu seeks lawmakers’ nod for investors
By Ali Smart . . .
The Minister of State for Petroleum Resources and Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, on Wednesday sought the support of the National Assembly to enable the NNPC seek funds from private local and international investors to execute its capital projects and implement planned reforms.
Kachikwu stated this when he played host to members of House of Representatives Committee on Petroleum Resources (Downstream) at the NNPC Towers in Abuja as part of their oversight function of the Corporation.
According to him, such funds have become imperative as the petroleum industry is currently undergoing fundamental changes in the face of dwindling oil receipts, adding that the NNPC has complied with the Federal Government’s directive on the Treasury Single Account, TSA, which promotes probity and accountability in the day-to-day operations of the Corporation.
Kachikwu, who said that some of the subsidiaries of the NNPC are being unbundled in order to guarantee energy efficiency and security, disclosed that the Pipelines and Products Marketing Company, PPMC, is being restructured into a pipelines company, products marketing company and a storage company.
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He further revealed that despite the challenging environment, especially in the area of pipeline security, the NNPC is mandated to ensure steady supply and distribution of petroleum products including premium motor spirit (petrol), automotive gas oil (diesel) and dual purpose kerosene (kerosene) across the country, adding that the NNPC 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.
Responding, the Chairman of the House of Representatives Committee on Petroleum, (Downstream), Honourable Joseph Akinlaja and other members of the Committee, assured the Minister of the preparedness of the National Assembly to support the federal government in carrying out the fundamental restructuring of the oil and gas industry for the benefit of Nigerians.
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