Business

NNPC denies reports it is relocating its marketing subsidiary from Warri to Abuja

The Nigerian National Petroleum Corporation (NNPC) says it has no plans of relocating its Gas Marketing Subsidiary, Nigerian Gas Marketing Company Limited (NGMC), from Warri to Abuja.

This was contained in a statement issued by Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, in Abuja, on Friday.

Also, it clarified that supposed plans to spend N120million as yearly rent and another N294million to relocate NGMC to Abuja were false and should be discountenanced by members of the public.

Ughamadu said the clarification was necessary to correct the misleading report on the purported relocation and allocation of the huge sums of money for that purpose as broadcast in the social media by a group.

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It described the misinformation by the group as malicious and capable of inciting the public, particularly NGMC’s host communities, against the company.

“NGMC remains committed to staying and executing it business operations in the Niger Delta.

“The company is poised to sustaining the existing relations between it and its esteemed stakeholders and members of the public,” the corporation added.

Meanwhile, the NNPC has also announced that it will increase the nation’s crude oil reserves to 40bn barrels and production capacity to four million barrels per day by 2025 as opposed to the target of Year 2020 set by the Federal Government.

Group Managing Director, NNPC, Maikanti Baru, on Thursday, gave the indication that the corporation was seeking to attract necessary funding from the capital market for the development of the nation’s oil and gas resources.

Baru said, “There is increasing global competition on Nigerian crude oil due to the rise of new production centres across the globe particularly in Africa and Argentina. These portend a new dimension for the Nigerian oil and gas industry.

“Nigeria, therefore, needs to unlock new barrels as quickly as possible to stay relevant in the new emerging world. Without adequate funding, we cannot meet the targets.”

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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