Nigeria to become net exporter of fuel by 2023-NNPC
By Olamilekan FAWAS
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari has said that the plan of the corporation is to make Nigeria a net exporter of petroleum products by 2023.
Speaking in Lagos on Thursday at the National Association of Energy Correspondents (NAEC) annual conference, Kyari said in a bid to achieve the goal, NNPC would support the actualization of the 650Kbbl/day Dangote Refinery, as well as other private initiatives along the line, stressing that it was in line of this that corporation is progressing aggressively with the establishment of condensate refineries to fast-track domestic supply of petroleum products.
“Nigeria is still a net importer of petroleum products due to the current state of our refineries and the long absence of private investment in the refining sector. Thus, we require more investment to revamp and expand our domestic refineries and associated infrastructures to support the growth of the downstream sector and guaranty energy security to the nation”, he noted
Kyari who was represented by the NNPC Chief Finance Officer, Mr Umar Ajiya, stressed that NNPC under his purview, would leave no stone unturned to ensure our 445,000-barrel refineries in Port Harcourt, Warri and Kaduna work to an appreciable level or capacity.
“Today, with our Partners, we are driving the National aspiration to grow the National reserves to 40billion barrels by 2025 and improve crude oil production to 3Million barrels/day during the period. To achieve these targets, we are not oblivious of the fact that huge investment is required across the entire value chain”, he stated
“While we aspire to achieve these huge goals of growing reserves, expanding the frontiers of our production and exploring the renewable energy landscape, it is given that the Industry requires an enabling environment to attract the right investment that is being subdued by our fiscal regimes. The Petroleum Industry Bill (PIB) must run its full cycle this 9th National Assembly, implying that there is absolute need to fast track its enactment processes”, he said.
