Kyari urges Greenfield Refinery to stop importing products

Mallam Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has asked members of the NNPC Greenfield Refinery Limited (NGRL) Board of Directors to investigate all possible solutions to end the current petroleum product importation crisis.

Mallam Kyari gave the charge at the NNPC Towers in Abuja yesterday, when he inaugurated the Board of the Corporation’s newly registered subsidiary, NNPC Greenfield Refinery Limited (NGRL).

The NNPC Greenfield Refinery Limited is a Corporation subsidiary that was established in December 2020 with the mission of overseeing the construction and management of new refineries.

The GMD, who also serves as Chairman of the NGRL Board of Directors, pushed members of the Board to focus on profitability in order to stay afloat and prevent collapse.

Mr. Garba Deen Muhammad, the NNPC Group General Manager, Group Public Affairs Division, said in a statement, “As a business, this is a tremendous opportunity for us, and this company’s balance sheet must improve favorably.” Going forward, I can tell you that under the Petroleum Industry Act (PIA), if you continue to post negative for three years, you are out. So there isn’t much of an excuse.”

He urged the new business’s Board of Directors and Management Team to put in place a solid structure with the necessary talents, technology, and funding to drive the company’s operations, and he expressed optimism that the company will be able to fulfill its mission.

“Our company needs to grow, and we won’t be able to do so unless we can process our product, whether it’s liquid or gas. We have accomplished nothing if we do not monetise it. This is a brand-new chapter for us, and we’re determined to make it work,” he said.

All of the NNPC’s actions in the areas of new refineries, condensate refineries, and equity purchase in credible private refineries, according to the CEO, are aimed at maintaining the country’s energy security.

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Engr. Mustapha Yakubu, Alternate Chairman of the Board and Group Executive Director, Refinery and Petrochemicals, stated in his remarks that the company’s operations would be guided by cost-effective principles in accordance with the new Petroleum Industry Act (PIA), with profitability being the primary focus.

Engr. Bege Talson, Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, said the Division was collaborating with third-party investors to build greenfield, modular, and condensate refineries with a combined capacity of 250,000 barrels per stream day (bpsd).