By Sebastine Obasi
THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, said the Corporation is set to control more than 14 per cent local market share of fuel supply in Nigeria.
Speaking during the NNPC Day at the ongoing International Trade Fair in Lagos, Baru stated that the NNPC currently holds 14 per cent market share of the downstream sector and has expanded its retail outlets to achieve its objectives.
“To aid in achieving this target, we have expanded our retail outlets, notable examples are, indeed, located here in the South-West. For example, we have the newly constructed ultra-modern mega station along the Lagos-Ibadan Expressway.
“The corporation is leaving no stone unturned to ensure that Nigerian Pipeline and Storage Company (NPSC) already existing infrastructure are rehabilitated and new ones added as necessary steps to guaranteeing efficient storage and distribution of petroleum products across the nation, thereby ensuring supply reliability and energy security,” he said.
He also explained that NNPC has recently completed the rehabilitation and restoration of the vandalized 36” and 42” QIT and 48” Forcados Oil Terminal (FOT) Export pipelines leading to resumption of production operations.
“The corporation has also completed the repair of the vandalized 20” ELPS-A pipeline, thereby ensuring gas supply to gas-fired power plants and also supply into the West African Gas Pipeline.
“We have also awarded the contract for the construction of the Ajaokuta-Kaduna-Kano (AKK) line gas infrastructure projects. Currently, NNPC is expanding and integrating our gas pipeline network system to meet the unprecedented domestic gas demand. We have recorded significant progress in the execution of key on-going gas pipeline infrastructure projects (ELPS II, OB3).
He assured that the ongoing transformation is not limited to the downstream sector of our operations.
“In fact, we have already kick-started the process of rebranding some critical midstream entities (NGC, NGMC, NGPTC, GPIC and NOFS), and as with the downstream, we are not only creating new logos for these companies, we are repositioning them all for global competitiveness in line with the 12 Business Focus Areas of our administration.
“All these activities, we strongly believe, will invariably impact positively on the Nigerian economy in view of the role of the Oil and Gas Industry as the number one foreign exchange earner for the country and given the position of our corporation as managers of government interests in the sector.
“In recognition of the importance of our role, we would continue to improve on our systems, processes and procedures in order to continue to effectively add value to the exploitation of hydrocarbon resources in Nigeria. This way, we believe, we would be more competitive in the global oil and gas market.”
“As we continue on this journey, the NNPC will collaborate with investment promotion bodies, such as the Lagos Chamber of Commerce and Industry, which shares our vision of being a catalyst for economic growth in our dear nation,” he said.