He said “I have not being impressed with the NNPC in the past, and that is because of the then political leadership which used the Corporation as a conduit but with Dr. Baru at the helm, I believe NNPC is on the right track.”
Browsing: Dr. Maikanti Baru
He indicated that the exercise was targeted at getting competitive bids from refiners, and also big traders, as well as companies that have made substantial investment in the oil and gas industry particularly in the downstream sub-sector in Nigeria.
Baru called on the Indian business delegation to look beyond oil and gas in its dealings with NNPC as the Corporation was on the verge of retooling its non-core businesses to be revenue earners in line with the drive to make the Corporation profitable.
The GMD has promised to complete all ongoing gas infrastructure projects as part of measures to boost the nation’s economy.
He also called the management staff of the division to brace up for the challenges that come with operating as a limited liability company.
Dr. Baru stated that his visit is part of NNPC’s unflinching commitment to support the development of local content initiatives.
“As you might have heard, His Excellency Mr. President has approved the High Level Organogram of the Corporation and appointment of Staff into various positions.”
According to Baru, the 36 inch and 342 kilometres gas pipeline project would double the capacity of the existing ELPS, thereby improving gas supply to Ogun State and its environs.
Baru noted that the current JV payment structure requires urgent review, adding that the new model being proposed by the NNPC would enable the Corporation plough back profit and grow the oil and gas business in the upstream for the benefit of all stakeholders.
“This position is premised upon the fact that the current market fundamentals, as captured on the PPPRA pricing template for PMS, confirmed that the market is operating within the existing price band of N135-N145 per litre.”
