The Nigerian National Petroleum Corporation (NNPC) has announced plans to increase its 14 per cent market share in the nation’s downstream petroleum retail market.
The Group Managing Director of NNPC, Dr Maikanti Baru, disclosed this during NNPC Special Day at the ongoing Lagos International Trade Fair on Thursday in Lagos.
The News Agency of Nigeria (NAN) reports that the fair was organised by the Lagos Chamber of Commerce and Industry (LCCI).
Represented by Mr Ikem Obi, Chief Operating Officer, NNPC Downstream, Baru said the corporation aimed to go beyond its current 14 per cent market share of the downstream sector.
“To aid in achieving this target, we have expanded our retail outlets, notable examples are, indeed, located here in the South-West.
“For example, we have the newly constructed ultra-modern mega station along the Lagos-Ibadan Expressway.
“The corporation is leaving no stone unturn to ensure that Nigerian Pipeline and Storage Company’s existing infrastructure are rehabilitated and new ones added as necessary steps to guaranteeing efficient storage and distribution of petroleum products across the nation, thereby ensuring supply reliability and energy security,” he said.
Baru said NNPC had recently completed the rehabilitation and restoration of the vandalized 36” and 42” QIT and 48” Forcados Oil Terminal (FOT) Export pipelines leading to resumption of production operations.
“The corporation has also completed the repair of the vandalized 20” ELPS-A pipeline, thereby ensuring gas supply to gas-fired power plants and also supply into the West African Gas Pipeline.
“We have also awarded the contract for the construction of the Ajaokuta-Kaduna-Kano (AKK) line gas infrastructure projects,” he said.
He said that NNPC was expanding and integrating its gas pipeline network system to meet the unprecedented domestic gas demand and have recorded significant progress in the execution of key on-going gas pipeline infrastructure projects.
He said that all these activities would invariably impact positively on the economy in view of the role of the oil and gas industry as the number one foreign exchange earner for the country and NNPC’s position as managers of government interests in the sector.
Earlier, Mr Babatunde Ruwase, President of LCCI, said that the role of NNPC could not be overemphasised in ensuring petroleum products supply.
He urged the Federal Government to expedite the passage of the Petroleum Industry Bill (PIB) and also create an enabling environment for businesses to thrive.