*Spends N49.7bn on pipeline repairs in 10 months
Lagos — State oil company, NNPC said it recorded a total of 363 vandalised points in its pipeline systems in 8 months.
Its latest monthly report showed that those breaches were recorded from January to October 2020.
As a result, it said it spent a sum of N49.7bn on pipeline repairs in 10 months.
A breakdown showed that the sum of N5.48bn was spent on repairs and management in January; N6.74bn in February; N7.69bn in March; N7.84bn in April; N7.99bn in May and N6.24bn in June.
Although it spent N1.80bn in July; N1.49bn in August; and N4.41bn in October, however, no repairs and management cost was incurred in September, according to the repair.
“Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position,” the NNPC said.
It said 23 pipeline points were vandalised in October, representing about 10 per cent increase from the 21 points recorded in September.
The corporation said, “Of this figure, Mosimi Area accounted for 83 per cent of the vandalised points while Port Harcourt Area accounted for the remaining 17 per cent.
“NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.”
The Corporation’s pipeline have over the years suffered spates of vandalism which alongside lack of maintenance, and poor management have left the assets performing less than expected.
As a result, many of the depots and pipelines have remained idle for years.
However, Managing Director of the Nigerian Pipelines and Storage Company, Mrs. Ada Oyetunde earlier last month, said a total of 96 companies had indicated interests in rehabilitating its downstream facilities which included pipelines to depots and terminals, through the Build, Operate and Transfer financing model.