Nigerian National Petroleum Company Limited on Monday pointed out that the re-streaming of the 60,000 barrels per day Port Harcourt refinery marked a significant turning point in Nigeria’s quest to attain energy sufficiency and security.
NNPC Limited’s Chief Corporate Communications Officer, Mr Olufemi Soneye who stated this in Abuja at the company’s energy relations stakeholders engagement, noted that under the leadership of the Group CEO, Mr Mele Kyari, the company has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
According to him, “The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs”.
Olufemi explained that the “strategic decision to secure a $1 billion loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.
“In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.
“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis”.
He stated that as a responsible energy company, NNPC Ltd “continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer”.
Speaking on the importance of the stakeholders meeting, Soneye stressed that “energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives.
“As your trusted partner, NNPC Ltd remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain. This meeting underscores our shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all”, he added.
… Vanguard
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