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NETCO targets business opportunities in E / Guinea

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By Solomon Asowata
The National Engineering and Technical Company (NETCO) says it is exploring business opportunities in Equatorial Guinea to increase income generation capacity.

Mr. Usman Baba, CEO of NETCO, made the disclosure during a monitoring visit by the House of Representatives Committee on Oil Resources (Upstream) to the company on Wednesday in Lagos.

Baba said NETCO’s vision is to become the engineering, procurement and construction hub in the West African sub-region and the main source of revenue for the Nigerian National Petroleum Corporation (NNPC) over the next five years.

He said that NETCO was established in December 1988 to provide an efficient and reliable engineering base for the NNPC group and the Nigerian oil and gas industry.

According to him, NETCO has been involved in some key projects over the past five years, including the Seven Nigerian Liquefied Natural Gas Train Projects, the Refinery Rehabilitation Project and the Ajaokuta-KadunaKano Gas Pipeline Project.

He added that the company was also involved in building the capacity of the industry.

Baba noted that around 80 young engineers are currently undergoing training at the company.

He said that although business opportunities have been negatively affected by the COVID-19 pandemic, NETCO management has devised various strategies to improve profitability.

The chief executive said the company recently acquired land to build a manufacturing site in Akwa Ibom, which would help reduce capital flight when it becomes operational.

While thanking the committee for their visit, Baba appealed for their continued cooperation and support to enable NETCO to actualize its mandate.

In his remarks, the Chairman of the Committee, Mr. Musa Adar, said that NETCO had a key role to play in helping to reduce unemployment by providing training opportunities for young Nigerians.

Adar said the monitoring visit was part of the committee’s statutory obligations to help the company realize its lofty ideas. (NOPE)

(NAN)

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