In this post NNPC plans public offer and also the rehabilitation of refineries and the gas pipelines to connect with nations.
NNPC Ltd has concluded plans to sell its shares to the public, a development that will stimulate growth in the economy. The Group Chief Executive Officer of the company, Mele Kyari, said: “So, the over 200 million Nigerians are the shareholders of this company today. These shares are held in trust by the Federal Ministry of Finance Incorporated, and the Federal Ministry of Petroleum on behalf of the federation.
“What the Petroleum Industry Act 2021 (PIA) provided for is that within three years, this company’s ordinary shares can be sold to other Nigerians or interested international partners that combine shared values. There’s a process for this- that means you must take it to an Initial Public Offering (IPO) level.”
NNPC: Rehabilitation of Warri, Kaduna refineries
On the refineries, he said: “We are also borrowing to fix the Warri and Kaduna refineries.
Kaduna will kick up; it is a 36-month project but what happens in the rehabilitation is that you do them stage by stage. We will replicate the same thing in the Warri refinery and the contractor is on site and Daewoo is on site working; mobilized to site, equipment being delivered to site and we believe also that within that 36-month cycle, it will also complete the rehabilitation but we’ll start fuel before that time.”
NNPC: Gas pipeline to connect nations, economies
The NNPC boss, said: “The AKK component is just one leg of it starting from Ajaokuta through Abuja, Kaduna into Kano, and potentially what we’re trying to do now is to see if there’s excess capacity, which can make it across the Sahara into Europe.
“That’s one of the most ambitious projects that we have and is going to cost over $25 billion, but more than anything, it is going to connect 11 West African countries to our gas sources and that way, we will be creating prosperity around Nigeria.”
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Reacting, the Executive Chairman, African Energy Chamber, NJ Ayuk, commended Nigeria for the bold steps taken to execute key projects, including Dangote Refinery, said: “Nigeria has a great future. We were excited to see that the Dangote Refinery has secured its first crude cargo. This is a significant milestone, both for the country and the West African region at large. With a capacity to produce 350,000 barrels per day, the refinery holds particular significance for the country, where reliance on fuel imports has been a defining feature for decades, despite its over 37 billion barrels of proven reserves.”
Similarly, Chairman of International Energy Services, Dr. Diran Fawibe, said: “Nigeria needs to continuously invest in the oil and gas industry. Also, adequate provision should be made for refining in order to meet domestic demand.”