… Says Trucks Loading Petroleum Products From PH Refinery
The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPCL) has said that the Executive Orders of President Bola Ahmed Tinubu have transformed and opened the industry to massive investments.
The NNPC boss also assured that the Port Harcourt Refining Company (PHRC) is operational and the loading of Premium Motor Spirit (PMS), is ongoing at the refinery.
Kyari said these on Wednesday during his keynote address at the commissioning of the 7-storey, Nigerian Union of Petroleum and Natural Gas Towers (NUPENG Headquarters) in Lagos.
The GCEO said, “There is a sustained partnership between NNPCL, even when it was a corporation and the organised labour, including PENGASSAN and NUPENG. We have had a very perfect alignment and perfect relationship because I can understand and relate.
“I was part of the family and I am very happy for all the relationships that have led to significant improvement in labour relations not just in the industry.”
In March 2024, Presdient Tinubu signed Executive Orders to boost investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa.
According to the Presidency, the Executive Orders targets the introduction of fiscal incentives for non-associated gas, midstream and deep-water developments; streamlining of contracting process to compress the contracting cycle to six months and the application of the local content requirements without hindering investments.
Kyari said the Executive Orders have transformed the industry and inspired innovation in the industry.
The GCEO said, “NUPENG operates in the oil and gas industry. As we all know, this industry has not seen the level of executive intervention, actually, political intervention that has resulted to significant change in the fortunes of the industry.
“We must recognize two things. Mr. President’s first Executive Order changed the fiscal terrain and the second Executive Order, changed the terrain of procurement in the industry.
“The end result today is that we have seen new investments, new activities going on, production increasing and people performing their tasks. We must recognize that these wouldn’t have happened except for these interventions that are taking place and I enjoin all of us to congratulate Mr. President for doing these for the industry.
“These have brought lasting change. Activities are picking up which means labour issues will diminish and there will be more people employed and we have to thank Mr. President for the executive orders and the fiscal reforms and other ongoing reforms.”
Speaking on the PH Refinery, Kyari explained that the delivery of the project is in line with the mandate of ensuring energy security for Nigerians.
He assured that the refinery will be sustained, adding that loading is ongoing at the Port Harcourt Refinery depot.
“Repair or rehabilitation of the Port Harcourt Refinery is not a fallacy. It is real. I also agree that it should not be switched off. I can tell you today, the plant is running and as we speak now, loading is ongoing in the Port Harcourt depot,” Kyari said.