Page 5 - DMEA Week 26 2021

DMEA COMMENTARY DMEA

it, as long as we have the money to pay for it.” plans are all above board and legal.
“The net effect is that you are going to have “Our attention has been drawn to media
an environment where Nigeria becomes the hub reports ascribing to me alleged fraudulent deal-
of petroleum products and supplies. It’s going to ing around the plan by the NNPC to acquire
change the dynamics of petroleum supply glob- equity participation in DORC. The publication
ally in the sense that the flow is coming from is very embarrassing, disgusting and above all,
Europe today and it is going to be reversed to horrifying and damaging to my character and
some other direction. We will be the supplier personality as a dutiful officer of the Federal
for West Africa legitimately and also many other Republic of Nigeria, and more importantly as a
parts of the world,” Kyari said. top management staff of NNPC,” he said.
Meanwhile, Dangote Group has not yet given “I hereby state categorically that I did not
any indication of willingness to sell equity in the speak with any news person or organisation on
refinery. “I’m not sure Mr Dangote wants to sell the issue. I wish also to state that, to the best of
his equity in the refinery. I can confirm that it my knowledge, there is no such plan or fraud-
was at our instance that we started this engage- ulent motive behind the equity acquisition
ment. He did not want to sell his shares in this arrangement with the DORC or any of the other
refinery,” Kyari added. private refinery that NNPC is in talks with,” he
Once complete, the facility will process added.
650,000 bpd of varying grades of light and Meanwhile, the executive noted that the deci-
medium crudes to produce fuels in line with sion to propose the investment in private refin-
Euro-5 standards. These will comprise 10.4mn eries with a capacity of 50,000 bpd or more had
tonnes per year of gasoline, 4.6mn tpy of diesel followed an evaluation carried out by local and
and 4mn tpy of jet fuels. international experts.
Group executive director at Dangote Indus- “I was part of the team that further evaluated
tries Devakumar Edwin said recently that it the report of the working committees (Technical
will also produce 690,000 tpy of polypropylene, and Commercial) and the subsequent adoption
240,000 tpy of propane, 32,000 tpy of sulphur of the plan by the top management committee
and 500,000 tpy of carbon black. of the NNPC. This is in concert with the Federal
While there have previously been concerns Government’s overall energy security strategy,”
about the level of fuel available to Nigerians from he said.
the facility, Edwin said that products would be Yakubu said that the move was part of
split between the Nigerian and export markets, broader efforts to bring an end to pipeline van-
specifying Europe and South America. dalism which has a major financial and environ-
Meanwhile, the company has previously pro- mental cost for the country.
vided assurances that the refinery’s purchase of “I am strongly in support of the Federal Gov-
Nigerian crude would not have an impact on the ernment’s overall energy security strategy, which
country’s 1.6mn bpd mandatory export volume indeed is part of my schedule. I will continue to
allocated by OPEC. do everything within my power to ensure the
realisation of this laudable Federal Government’s
All above board objective,” he added.
Also this week, NNPC moved to dispel allega- These efforts include support for modular
tions of fraudulence in the plans to acquire a refining, which has already developed green
stake in DORC. shoots and appears to be an attractive model
The NOC’s COO for refineries & petrochem- for integrating marginal fields to ensure their
icals Mustapha Yakubu told local media that the development.™

Week 26 01•July•2021 www. NEWSBASE .com P5