Page 10 - DMEA Week 34 2021

DMEA COMPANIES DMEA

NNPC sets up greenfield

oversight subsidiary

AFRICA NIGERIA’S state oil firm this week launched (GRPD) and managing director of the NGRL,
a subsidiary to oversee the establishment and Bege Talson, said that his division was working
operation of new refineries in the company. with third-party investors to establish greenfield,
The Nigerian National Petroleum Corp. modular and condensate refineries with a com-
(NNPC) appointed the board of Nigerian bined capacity of 250,000 barrels per day (bpd).
Greenfield Refinery Ltd (NGRL), with the parent The board also includes representatives of
firm’s managing director, Mele Kyari, challeng- the Nigerian Gas Co. (NGC), NNPC Retail and
ing them to bring an end to the country’s reliance Nigerian Petroleum Development Co. (NPDC).
on refined product imports. Mele Kyari added that NGRL’s strategy
Kyari said: “As a business, this is a big oppor- was focused on new refineries, condensate
tunity for us and this company’s balance sheet processing and equity acquisition in credible
must change positively. Going forward, with the private refineries with the aim of improving
Petroleum Industry Act (PIA), I can tell you that energy security for Nigeria. Earlier this month,
if you continue to post negative for three years, the country’s Minister of State for Petroleum
you are out. So there is really no excuse.” Resources Timipre Sylva said that NNPC had
He added that it was imperative that the coun- been given the go-ahead to acquire a 20% in the
try takes control of processing its own crude. Dangote Refinery project for a total of $2.76bn.
“Our company must grow and we can’t do Meanwhile, a month earlier Kyari said that
well except [when] we are able to process our NNPC was seeking to expand its portfolio, add-
production, whether it is the liquid or gas. If we ing that the company has “the responsibility to
don’t monetise it then we have done nothing. guarantee energy security for our country […]
This is really a new chapter and we are commit- that’s why anyone that is going to construct a
ted to making it work,” he said. refinery that is in the excess of 50,000 bpd, we
Meanwhile, NNPC’s general manager for will talk to them, take equity in it, as long as we
the Greenfield Refineries and Project Division have the money to pay for it.”™

P10 www. NEWSBASE .com Week 34 26•August•2021