The Nigerian National Petroleum Corporation (NNPC) has announced its plan to collaborate with private refineries to boost product supply in Nigeria.
The Group Chief Executive Officer (GCEO) of NNPC Ltd., Mele Kyari, said this on Monday in an opening event held in Lagos State.
The event, which marks the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition, was titled: “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth, and Affordability.”
Kyari said the strategy aims to ensure energy security, sustainable growth, and energy affordability.
The Group Chief Executive Officer (CEO) of NNPC Ltd., Mele Kyari, described the strategy as Naira-for-crude transactions with the aim to stabilize the local currency and regulate forex markets.
Kyari reaffirmed the company’s commitment to resolving Nigeria’s energy trilemma.
While speaking at the event as the guest speaker, the GCEO emphasized their capacity to “deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants soon, as part of efforts to boost the existing 1.6 billion standard cubic feet (bscf) of gas supply for the domestic market.”
Kyari highlighted that the company aims to expand gas infrastructure at the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipeline projects with plans to develop cleaner energy options, such as Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
Speaking on the energy company’s efforts in enhancing domestic energy, he said that within the next 3-6 months, NNPC Ltd. will launch diverse projects, including CNG mother stations, mini-LNG plants, and additional CNG daughter stations.
Emphasizing the need for collaboration, innovation, and technology in achieving Nigeria’s energy goals, Kyari praised President Bola Tinubu’s efforts to strengthen Nigeria’s local refining capacity and reduce fuel importation.
He added that since the Petroleum Industry Act, 2021 was implemented, the company has improved in partnerships and investments with the goal of enhancing local production and generating revenue for economic diversification.
He debunked the claim that the company can sabotage Dangote Refinery as a part-owner but aims to strengthen domestic fuel supply.
