The new Group Managing Director of the Nigerian National Petroleum Corporation, NNPC Mallam Mele Kyari has pledged to fix the country’s four refineries before the end of May 2023.
He disclosed this at the valedictory session organized for the former Group Managing Director of the NNPC, Dr. Maikanti Baru who officially retired having reached the statutory age of 60.
Kyari noted that the new management would do its best to transform the country into a net exporter of petroleum products before the end of the tenure of President Muhammadu Buhari. In addition, he mentioned that the corporation would encourage Public Private Partnership in the repair and revamp of the refineries adding that it would support the involvement of private individuals in the building of conventional and modular refineries.
He noted that under his watch, NNPC would provide the much-needed incentives that would help the petroleum industry grow crude oil production to three million barrels per day and shore up the country’s crude oil reserves to 40 billion barrels.
Furthermore, according to All Africa, Kyari promised that the NNPC would be accountable to all Nigerians, meaning that every Nigerian would have access to all its activities, noting that in the nearest future, it would make it possible for individuals to order and pay for petroleum products online and get it delivered to their petrol retail stations. He promised to carry all stakeholders along and that the corporation would work with other agencies in the petroleum industry to deliver the benefits of the petroleum industry to the Nigerian populace.
Meanwhile, former Group Managing Director of NNPC. Dr. Baru expressed optimism that he was leaving the corporation in better hands, stating that Kyari and his team were the most capable and caring leaders that would take the NNPC to greater heights.
According to him, before now, Kyari had effectively managed the Crude Oil Marketing Division, COMD, and the Direct-Sale Direct-Purchase, DSDP, scheme that enabled the NNPC manage the petroleum products supply of which without this intervention it would have been very difficult for NNPC and the country.
In the meantime, Baru charged that new chief executive of NNPC to focus on staff development, ensure the transparency of its operations; resolution of the liquidity challenges and full migration to the International Financial Reporting Standard, IFRS.
He also advised Kyari and his team to ensure the resolution of the under-recovery issues through appropriate recommendation for the provision of subsidy in the Medium Term Expenditure Framework, MTEF, and the Federation’s Budget Appropriation.