Page 16 - DMEA Week 04 2022

DMEA NEWS IN BRIEF DMEA

premium motor spirit (PMS) to meet citizens’ PETROCHEMICALS is 112% of its nameplate capacity.
needs. According to Bu Ali Sina Petrochemical
NNPC gave the assurance in a statement Iran product exports to hit Plant, Ardalan Sedaghatzadeh said that the
issued by Garba Deen Muhammad, its Azar (November 22 to December 21) sales of
spokesperson, on Wednesday. $48bn the company show a 34% increase compared
Muhammad appealed to members of the to the previous month and a 165% increase
public to refrain from “panic buying” of PMS, The chairman of the board of directors of year-on-year.
better known as petrol. the Union of Exporters of Petroleum, Gas Noting that this company is one of
He further urged Nigerians to disregard and Petrochemical Products announced the aromatic units of the country with a
rumours of any impending scarcity of the the forecast of $48 billion in exports of production capacity of 1.740 million tons
product in the country. downstream petroleum products by the since 2004, he added the facility supplies
“The NNPC Ltd. wishes to assure the next Iranian calendar year. Seyed Hamid items like reformate, light and heavy naphtha,
public that the Company has sufficient PMS Hosseini said: “The total value of oil and raffinate, benzene and liquefied petroleum gas
stock to meet the needs of Nigerians,” the non-oil exports in the first eight months of (LPG).
statement reads. this [calendar] year (which began on March He pointed to the increase in the complex’s
“The public is, therefore, advised not 21) was $31 billion, of which $18.2 billion was output to 112 percent of the nominal capacity,
to engage in panic buying of petrol; and downstream petroleum products.” He added: and said in 2018, 1,240,000 tons of products
to ignore all rumours that may suggest “Last year, $3.5 billion worth of downstream were produced in Bu Ali Sina, which was 71.5
otherwise. “In line with the existing laws of products of the oil industry were exported percent of its nominal capacity. It reached
the land, NNPC Ltd. is deeply committed to monthly, and this figure has reached an 1.37 million tons, or 79 percent of its nominal
ensuring energy security for the country.” average of $4 billion per month this year.” capacity in 2019 and 1.437 million tons the
Earlier on Wednesday, the federal executive The chairman of the Union of Exporters of following year, 83% of the capacity.
council (FEC) said it received a bill of N3 Petroleum, Gas and Petrochemical Products, Now it has supplied 1.477 million tons in 9
trillion from the NNPC as payment for petrol noting that the export of downstream months which is 112% of the plant’s capacity,
subsidy in 2022. products of the oil industry has increased he said. Referring to the increase in sales of
This development comes a day after the by 10 to 12 billion dollars compared to last this petrochemical complex along with the
federal government proposed an 18-month year, said: “This growth is largely due to the increase in production, he added: “With the
extension for the implementation of the increase in the value of exports.” increase in production of the complex, sales
Petroleum Industry Act (PIA) to cater for SHANA of products have been accompanied by a
subsidy shortfall. staggering increase and sales in December
In 2021, the NNPC, the sole importer of Bu Ali Sina petchem plant compared to the previous month by 34% and
petrol into Nigeria, had deducted subsidy compared to December last year by 165%
payments from oil revenue due to the three output above nameplate it shows. Sedaghatzadeh further added that
tiers of government. the sales in the first 9 months of the current
THE CABLE The commercial director of Bu Ali Sina calendar year, which began on March 21
Petrochemical Plant announced the rise in the shows a 163-percent rise year-on-year.
facility’s output, adding the plant’s production SHANA

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