The Nigerian National Petroleum Corporation (NNPC) yesterday inaugurated the board of Greenfield Refinery Limited (NGRL), a subsidiary of NNPC, to oversee the establishment and operation of new refineries.
The corporation’s group managing director, Mr. Mele Kyari, while swearing in the new board members in Abuja, charged them to explore all options to bring an end to the current challenge of petroleum products importation.
A statement by the group general manager, group public affairs division, Mr. Garba Muhammad, quoted Kyari, who is also chairman of the NGRL board, as challenging the board members to focus on profitability in order to remain afloat and avoid liquidation.
“As a business, this is a big opportunity for us and this company’s balance sheet must change positively. Going forward, with the Petroleum Industry Act (PIA), I can tell you that if you continue to post negative for three years, you are out. So, there is really no excuse,” Kyari said.
He urged the board and management team of the new company to set up a proper structure with the required skills, technology and finance to drive the company’s operations, adding that he is optimistic that the company would be able to achieve its mandate.
“Our company must grow and we can’t do well except we are able to process our production, whether it is the liquid or gas. If we don’t monetise it then we have done nothing. This is really a new chapter and we are committed to making it work,” he added.
Kyari further said all the corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy and security for the country.
In his remarks, alternate chairman of the board and group executive director, Refinery and Petrochemicals, Mr. Mustapha Yakubu, pledged that the operations of the company would be guided by the principles of cost effectiveness in line with new PIA, noting that profitability would be the key focus.
Also speaking, the group general manager, Greenfield Refineries and Project Division (GRPD) and managing director of the NGRL, Mr. Bege Talson, disclosed that the division was working with third party investors to establish green field modular and condensate refineries with a combined capacity of 250,000 barrels per day
Other members of the board include the group executive director, finance and accounts, Mr. Umar Ajiya; managing director of the Nigerian Gas Company (NGC), Mr. Oluwaseyi Omotowa; and managing director of NNPC Retail, Mrs. Elizabeth Aliyuda.
Listed also as members are managing director of the Nigerian Petroleum Development Company (NPDC), Mr. Muhammad Ali-Zarah; and Tolulope Olubommo, who is to act as company secretary and legal adviser.
