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Video: Review of NNPC activities for March 29 – April 4

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By Edith Ike-Eboh & Emmanuel Afonne

The Nigerian National Petroleum Corporation (NNPC) this week continued its busy schedule in its avowed efforts to fulfill its mandate to ensure a strong, reliable and efficient oil and gas sector in the country,

The company started its weekly activities on March 29, with the signing of a Memorandum of Understanding (MoU)with some of its partners and also explaining the level of transparency, especially with the rehabilitation of refineries and the benefits that would flow from the partnership. .

Malam Mele Kyari, Managing Director of NNPC Group, while welcoming the management team of the Nigeria Extractive Industries and Transparency Initiative (NEITI) led by its Executive Secretary, Dr Orji Ogbonaya Orji, at NNPC Towers, Abuja, highlighted obviously the private sector plans to finance some of its projects.

He said that the publication of the company’s audited financial statements had significantly improved investor confidence in the company and helped the swift facilitation of the financing deal for the rehabilitation of the Port Harcourt refinery by African Export. Import Bank (Afreximbank).

“Since choosing to disclose our financial statements, the speed with which we close financial transactions has been monumental. We are now closing transactions a quarter of the time we used to do and this is very critical, ”noted the GMD.

He reaffirmed the company’s commitment to work with NEITI and urged the executive secretary and members of his management team to take advantage of the details of the company’s operations, in particular the monthly engagement with the allocation committee. Federation Accounts (FAAC) on the NNPC website.

On March 30, the company also signed a memorandum of understanding with the Nigeria Content Development and Monitoring Board (NCDMB) and other partners to promote gas production.

The NCDMB, NNPC, Brass Fertilizer and Petrochemical Company Ltd. (BFPCL) along with DSV Engineering, signed two key agreements for the construction of a 10,000 ton per day methanol plant and a standard 500 million cubic feet per day gas processing plant in Odeama, Laiton, Bayelsa.

NCDMB Executive Secretary Mr. Simbi Wabote signed for the board while Operations Director, Gas & Power, NNPC, Mr. Usman Yusuf, and BFPCL General Manager, Chief Ben Okoye, signed for their companies respectively.

The first agreement was the Membership Agreement between BFPCL, DSV Engineering, NNPC and NCDMB Capacity Development Intervention Company Ltd. by guarantee.

Signature of an agreement between BFPCL, DSV Engineering, NNPC and NCDMB

The second agreement was the share subscription agreement between BFPCL, DSV Engineering and NCDMB Capacity Development Intervention Company Ltd. by guarantee.

These agreements confirmed the allocation of 18 percent of the authorized share capital of BFPCL to NCDMB.

Wabote stressed the need for indigenous institutions and businesses to launch projects that would create value in the country and employment opportunities for young Nigerians.

“The opportunities offered by this project in terms of job creation, gas use and local availability of methanol for primary and secondary users are enormous and we are delighted to serve as a catalyst for the realization of the project,” said he added.

Wabote also said the project will create 15,000 jobs during the construction phase and 5,000 additional jobs during the operation phase.

He insisted that the Nigerian oil and gas industry could not continue to wait for only operational international oil and gas companies to introduce projects.

In his remarks, COO, Gas & Power, NNPC, Mr. Usman Yusuf said he was pleased that the project is in line with President Muhammadu Buhari‘s recent statement of a decade of gas and would help correct the current anomaly where 100% of the country’s methanol needs were currently imported.

He argued that gas is becoming increasingly important for Nigeria’s sustainability and will also play a key role in the energy transition.

Usman added that gas was essential for food processing and could lead the country to food sufficiency, industrialization, increased gross domestic product and energy sufficiency.

He also said the two methanol projects would help Nigeria save foreign exchange and significantly improve local production.

The same week, the company also expressed its willingness to partner with South Korean companies to ensure the infrastructure development of its subsidiaries.

The NNPC GMD, who declared themselves ready when they welcomed South Korean Ambassador to Nigeria Kim Yong Chae to the NNPC towers, said the partnership would improve the economic fortunes of both countries.

Chae said his country believed the partnership with the Nigerian government was a step in the right direction.

It should be recalled that the NNPC GMD Mele Kyari, during the pre-summit conference on the “Gas Decade” in the week under review, also expressed the company’s desire to increase local gas consumption in the country. .

Kyari, who was the guest speaker at the conference, noted that the company was not only interested in ensuring infrastructure development for efficient operation, but comprehensive development for optimal outcome.

“Nigeria, under the visionary leadership of President Buhari, has committed enormous resources to ensure that the domestic gas infrastructure reaches all corners of our country to deepen the use of natural gas.

“It was also aimed at stimulating investment in the electricity and gas industries, growing the economy and creating jobs for millions of our young people.”

According to Kyari, Nigeria, as a gas nation with more than 203 trillion standard cubic feet (tscf) of proven gas reserves, is monetizing the enormous gas resources boosted by numerous political and industrial interventions since 2016, resulting in the declaration of 2020 as the year of gas. and progress in the gas decade from 2021.

He added that NNPC and its partners have embarked on a number of strategic projects to deepen gas delivery in the domestic market and increase the accumulation of greater export potentials.

“The completion of phase two of the Escravos-Lagos gas pipeline system (ELPS II), the commissioning of batch two of Obiafu-Obrikom-Oben (OB3), the NPDC Oredo gas handling facility and SEEPCO gas processing plant can be easily cited.

“We also have strategic gas infrastructure projects underway, such as the Ajaokuta-KadunaKano (AKK) pipeline, the OB3 final connection, the Nigeria-Morocco pipeline and several other initiatives in the gas sector.

“All of this will herald the sunrise of the gas revolution in our country in the decade,” said the GMD. (NOPE)

follow us on www.nannews.ng as we continue to review the business of the company.

(NAN)

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