Abuja — The Nigerian National Petroleum Corporation, NNPC, Wednesday, disclosed that it would resume the repayment of cash call arrears to its Joint Venture (JV) partners, Eni/Agip before the end of the week.
In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, explained that the failure to pay cash call arrears to the company in the last three months was deliberate and meant to ensure that the issues surrounding the agreement were settled.
He promised to work closely with Eni/Agip to speedily resolve all pending issues that led to the suspension of cash-call repayment.
Kyari made the commitment during a business visit by a delegation from Eni/Agip led by the Executive Vice Chairman, Sub-Saharan African Region and Chairman ENI Exploration and Production in Nigeria, Mr. Brusco Guido.
Kyari said, “The money is there, it is ready. We will pay as soon as the issues are resolved by the end of the week.”
On the issue of some of the expired assets, Kyari explained that there was no immediate plan to renew the licenses as the Federal Government was interested in having the exploration and production arm of the NNPC, the Nigerian Petroleum Development Company (NPDC) operate them.
On the Okpai Independent Power Project, Kyari explained that the issues that led to the delay in payment have been resolved and that payment would be effected as soon as possible.
Kyari promised to work with the company in these areas, why he urged the company to count on it.
Kyari also urged Eni/Agip to fast-track the Phase 1 of the rehabilitation of the Port Harcourt Refinery to ensure that it was delivered before the scheduled date of October 2019.
Speaking earlier, the Executive Vice Chairman, Sub-Saharan African Region, and Chairman ENI Exploration and Production in Nigeria, Mr. Brusco Guido, said the company was fully aligned with the GMD’s three-point agenda of growing reserves, growing production, and cutting cost.
He also pointed out a number of challenges that had hampered its operation and urged the NNPC Management to help resolve them in order to meet its target of growing production from the JV assets by 30 percent over last year’s rate.