NNPC floats new subsidiary to oversee refineries, inaugurates board, plans 250,000 BPD facility

The Nigerian National Petroleum Corporation (NNPC) on Saturday 21st of August 2021 inaugurated the board of Greenfield Refinery Limited (NGRL), a subsidiary of NNPC, to oversee the establishment and operation of new refineries. Group Managing Director of the corporation, Mallam Mele Kyari, while swearing in the new board members in Abuja, charged them to explore all options to bring an end to the current challenge of petroleum products importation.

A statement by the Group General Manager, Group Public Affairs Division, Mr. Garba Muhammad, quoted Kyari, who is also Chairman of the NGRL board, as having challenged members of the board to focus on profitability in order to remain afloat and avoid liquidation.

Mr kyari stated that as a business this was a big opportunity for them and the company’s balance sheet must also change positively. He said with the Petroleum Industry Act (PIA), there is no excuse to continue to post negative going forward. He urged the board and management team of the new company to set up a proper structure with the required skills, technology and finance to drive the company’s operations, adding that he is optimistic that the company would be able to achieve its mandate. Kyari said, the company must grow and can only do well if the productions can be processed, whether liquid or gas and montising the process is equally as important. He added that this was a new chapter and they are committed to makingit work. The NNPC helmsman stated that all the corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy and security for the country.

In his remarks, Alternate Chairman of the board and Group Executive Director, Refinery and Petrochemicals, Mr. Mustapha Yakubu, declared that the operations of the company would be guided by the principles of cost effectiveness in line with the new Act, noting that profitability would be the key focus.

The Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, Mr. Bege Talson, also disclosed that the division was working with third party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000 barrels per stream day.