Review Of NNPC Activities For March 29 – April 4

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

The corporation 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 transparency level, especially with the rehabilitation of the refineries and the benefits that would accrue from the partnership.

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

He said the publication of the Corporation’s Audited Financial Statements had significantly improved investors’ confidence in the corporation and was instrumental to the speedy facilitation of the financing agreement for the rehabilitation of the Port Harcourt Refinery by the African Export Import Bank (Afreximbank).

“Since we opted to disclose our financial statements, the speed with which we close financial transactions has been monumental. We now close deals at a quarter of the time we used to do them and that is very critical,” the GMD noted.

He restated the corporation’s commitment to work with NEITI and urged the executive secretary and members of his management team to avail themselves of details of the corporation’s operations, especially the monthly engagement with the Federation Accounts Allocation Committee (FAAC) on the NNPC website.

On March 30, the Corporation also signed an MoU with the Nigeria Content Development and Monitoring Board (NCDMB) and other partners to foster gas production.

The NCDMB, NNPC, Brass Fertiliser and Petrochemical Company Ltd. (BFPCL) as well as DSV Engineering, signed two key agreements for the construction of 10,000 tonnes per day methanol plant and the 500 million standard cubic feet per day gas processing plant in Odeama, Brass, Bayelsa.

The Executive Secretary of NCDMB, Mr Simbi Wabote, signed for the Board while the Chief Operating Officer, Gas & Power, NNPC, Mr Usman Yusuf, and the Managing Director of BFPCL, Chief Ben Okoye, signed for their companies respectively.

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

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between BFPCL, DSV Engineering, NNPC and the NCDMB
Agreement between BFPCL, DSV Engineering, NNPC and the NCDMB
The second agreement was the Share Subscription Agreement between BFPCL, DSV Engineering and the NCDMB Capacity Development Intervention Company Ltd. by Guarantee.

These agreements confirmed the allotment of 18 per cent of the authorised share capital of the BFPCL to NCDMB.

Wabote highlighted the need for indigenous institutions and companies to initiate projects that would create in-country value and employment opportunities for young Nigerians.

“The opportunities provided by this project in jobs creation, gas utilisation, and local availability of methanol for primary and secondary users are massive and we are excited to serve as a catalyst for the realisation of the project,” he added.

Wabote also said that the project would create 15,000 jobs during the construction stage and an additional 5000 jobs during the operations phase.

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