The Nigerian National Petroleum Corporation (NNPC) on Thursday hinted of its intention to invest more in downstream retail outlets with a view to increasing its share of the market from 14 percent.
The corporation’s Group Managing Director, Dr Maikanti Baru, made the disclosure during the NNPC Special Day at the ongoing Lagos International Trade Fair in Lagos.
Baru, who was represented at the event by NNPC’s Chief Operating Officer, Downstream, Mr Ikem Obi, said that the corporation was targeting to increase the current 14 percent market share by investing in new outlets nationwide.
He said: “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’s 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”, Baru added.
According to him, the corporation completed recently 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.
Similarly, he explained that the state-owned oil corporation had completed also 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.
This is even as Baru confirmed that the corporation awarded the contract for the construction of the Ajaokuta-Kaduna-Kano (AKK) line gas infrastructure projects, amongst others, in order to improve gas supply.
Baru projected that all the investments in key infrastructure on oil and gas would invariably impact positively on the economy.
In his remarks earlier, the LCCI President, Mr Babatunde Ruwase, harped on the role of NNPC in the nation’s economy and commended the management for taking strategic steps to improve the downstream operations and efficiency, especially in ensuring petroleum products’ supply.
The trade and investment expert charged the Federal Government to work with the National Assembly for timely passage of the Petroleum Industry Governance Bill (PIGB) and adopt more policies to create an enabling environment for businesses.