President Muhammadu Buhari has unveiled the ‘new’ Nigerian National Petroleum Company (NNPC) Limited, which is set to operate as a commercial company, limited by shares.
He said the ‘new’ NNPC limited will operate as a commercial national oil company to strengthen the petroleum industry.
Buhari, who spoke during the unveiling ceremony in Abuja on Tuesday, said the NNPC would carry out its operations without relying on government funding, and institutional regulations such as “the single treasury account, public procurement and fiscal responsibility act.”
The president, who was accompanied by the Senate President, Ahmed Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries at the State House Conference Centre in Abuja, described the NNPC Limited as the largest national oil company in Africa.
According to the President, “Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the NNPC on the first of July 1977. Forty-four years later, I was again privileged to sign the PIA act in 2021, heralding the reform of our petroleum sector.”
He maintained that his administiration is focused on transforming the petroleum industry to strengthen its capacity and market relevance for the present and future global energy priority.
He also pointed out that the provisions of the Petroleum Industry Act provided “a new impetus with improved fiscal framework, transparent governance enhanced regulation and the creation of a commercially driven independent national oil company.”
In his remarks, the Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer lacks direction.
He said the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.
He thanked President Buhari for his unparalleled leadership and unalloyed support for ensuring that the country’s oil and gas industry is on a sound footing.
The Group Chief Executive Officer of NNPC Limited, Mele Kyari, explained that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
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