The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has charged members of the Board of the corporation’s subsidiary, Greenfield Refinery Limited (NGRL), to explore all options to end the current challenge of petroleum products importation into the country.
The GMD gave the charge on Thursday while inaugurating the Board of the newly incorporated subsidiary of the corporation set up in December 2020 with a mandate to oversee the establishment and operation of new refineries at the NNPC headquarters in Abuja.
Kyari, who is also the Chairman of the NGRL Board, charged members of the Board to focus on profitability in order to remain afloat and avoid liquidation.
According to him, the establishment of the subsidiary and inauguration of its board is a big opportunity as a business concern to change its balance sheet.
The corporation’s boss pointed out that going forward, with the Petroleum Industry Act (PIA) now in place, there is no way any industry entity can continue to be in operation if it continues to post negative returns for three years.
He urged the Board and management team of the new company to set up a proper structure with the required skills, technology and financing to drive the company’s operations and expressed optimism that the company would be able to achieve its mandate.
“Our company must grow and we can’t do well except we are able to process our production whether it is the liquid or gas. If we don’t monetize it then we have done nothing. This is really a new chapter and we are committed to making it work,” he said.
Kyari further explained that all the corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy security for the country.
In his remarks at the occasion, the Alternate Chairman of the Board and Group Executive Director, Refinery and Petrochemicals, Engr. Mustapha Yakubu, promised that the operations of the company would be guided by the principles of cost effectiveness in line with the new Petroleum Industry Act (PIA), adding that profitability will be one of its key drives.
Similarly, the Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, Engr. Bege Talson, said that the Division was working with third party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000barrels per stream day (bpsd).
He assured the government that his team’s commitment to run the company profitably.
Other members of the newly inaugurated Board are, Group Executive Director, Finance & Accounts, Mr. Umar Ajiya; Managing Director of the Nigerian Gas Company (NGC), Engr. Oluwaseyi Omotowa; Managing Director of NNPC Retail, Mrs. Elizabeth Aliyuda; Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr. Muhammad Ali-Zarah; and Tolulope Olubommo as Company Secretary and Legal Adviser.
