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NNPC rehabilitates PHRC/PPMC Depot access road

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Says refining remains central to its business

ABUJA- As part of its Corporate Social Responsibility to its stakeholders, the Nigerian National Petroleum Corporation (NNPC) has completed the rehabilitation and reconstruction of several kilometers of internal access roads at Port Harcourt Refining Company (PHRC) as well as  Pipelines and Products Marketing Company (PPMC)Depot in Onne.

Commissioning the roads, the Group Managing Director of the NNPC, Dr. Joseph T. Dawha noted  that the roads would go a long way to promote safety and reduce the spilling of petroleum products on asphaltic surfaces and increase daily evacuation of petroleum products from 210 trucks to 260 trucks per day.
Represented by the Group Executive Director, Engineering and Technology, Engr. Adebayo Ibirogba  the GMD said that the deplorable condition of the roads made loading operations at the depot a night mare to the Petroleum Tanker Drivers and had led to several industrial actions which obstructed the smooth evacuation of petroleum products from the depot in the past.
He noted that with the completion of the roads, tankers could now evacuate about nine (9) million litres of petroleum products on a daily basis from the depot adding that at peak the loading bays can service 350 tankers per day.
The NNPC helmsman revealed that the installed operational storage capacities of the PPMC depot, Port Harcourt are 6.94 million litres of Premium Motor Spirit, 2.44 million litres of Dual Purpose Kerosene and 3.2 million litres of Automotive Gas Oil.
The GMD said the NNPC remains the only integrated Oil and Gas Company in the country that has the capacity to produce crude oil, refine crude oil and sell same through its network of pipelines and depots across the country stressing that the refinery and the depot remain crucial value chains to the core business objective of the Corporation.
He noted that the NNPC would ensure that the ongoing rehabilitation and Turn Around Maintenance of the refinery is carried out with every sense of responsibility in order to produce petroleum products that meet the specification of its numerous customers.
Responding, the Ex-Chairman of the Petroleum Tanker Drivers of the PHRC/PPMC depot in Onne,  Comrade Clement Oziri applauded the NNPC management for rehabilitating the road adding that the initiative would eliminate loading gridlocks  with associated  safety hazards. He urged the Corporation to extend the same initiative to all its depots across the country.
In attendance were Community leaders, members of the Independent Petroleum Marketing Association of Nigeria (IPMAN), Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and members of the Eleme and Onne Communities.  
 

Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Business

Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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