Connect with us

Oil

NNPC to unbundle PPMC into three companies

Published

on

By Kunle KALEJAYE
 
ABUJA-REFORM, cleansing and restructuring of Nigeria’s oil and gas industry has taken a step further as Nigeria National Petroleum Corporation, NNPC has announced moves to unbundle the Pipelines and Products Marketing Company, PPMC into three different companies. 
 

GOING FORWARD: L-R: The Managing Director, Pipelines and Products Marketing Company, Mrs. Esther Namdi-Ogbue, the Managing Director, Port Harcourt Refining Company Ltd, Dr. Bafred Audu Enjugu and the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu giving a marching order on the need for efficiency in all NNPC Installations in Okrika Jetty in Port Harcourt.

GOING FORWARD: L-R: The Managing Director, Pipelines and Products Marketing Company, Mrs. Esther Namdi-Ogbue, the Managing Director, Port Harcourt Refining Company Ltd, Dr. Bafred Audu Enjugu and the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu during the GMD’s tour on the need for efficiency in all NNPC Installations in Okrika Jetty in Port Harcourt.

PPMC according to the Group Managing Director of NNPC, Dr. Ibe Kachikwu would be split into a pipelines company that would focus primarily on the maintenance of the over five thousand kilometers pipelines of the Corporation;a storage company that would maintain all the over 23 depots and a products marketing company that would market and sell petroleum products.

Kachikwu made this disclosure during an official tour of the Okrika Jetty and the Port Harcourt Refining Company Limited on Wednesday.
He informed that the move would ensure that the right set of skills are rightly positioned and the number of leakages in terms of pipelines break and products loss are reduced to the barest minimum
The GMD noted that the ongoing phased rehabilitation of all the state owned refineries would be given an accelerated  vigour with the aim of reducing petroleum products importation into the country, adding that at full capacity, all the refineries could supply only 20 million litres of premium motor spirit otherwise known as petrol on a daily basis.
Dr. Kachikwu affirmed that the refineries would not be sold but joint venture partners with established track records of success in refining would be invited to support the running of the refineries in order to ensure efficiency.
He stated that efforts are in top gear to fix all the crude and petroleum products pipelines across the country stressing that the Nigerian Airforce would be engaged to provide aerial survey of the pipelines, the Nigerian Army Engineering corps to fix and police the pipelines and the Nigerian Navy to provide marine surveillance for the network of pipelines.
Dr. Kachikwu commended the NNPC’s Engineers for the successful execution of the ongoing phased rehabilitation of the refineries while urging them to prepare a replacement programmes for obsolete spare parts of all the Corporation’s installations in order to avoid intermittent shut down of facilities
 
Speaking in a similar vein, the Managing Director of the PHRC, Dr. Bafred Audu Enjugu said the ongoing phased rehabilitation of the company cost a little less than $10 million adding that the job was holistically carried out by indigenous Engineers without any foreign support.
On her part, the Managing Director of Pipelines and Products Marketing Company Limited, Mrs. Esther Namdi-Ogbue assured the GMD that the Company would think outside the box to provide solutions to all the challenges confronting the Company.

Oil

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

Published

on

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.

Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones

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.

 

Continue Reading

Business

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

Published

on

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.

Continue Reading

Oil

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

Published

on

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.”

Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy

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.

 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.