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Nigeria will start exporting petroleum products from 2024 – NNPC

The Nigerian National Petroleum Corporation Limited (NNPC) has disclosed the country will start exporting petroleum products from 2024.

The Group Group Chief Executive Officer of NNPC, Alhaji Mele Kyari made the disclosure when he paid a courtesy visit to the leadership of the Senate.

While linking the challenges in the sector to oil theft and pipeline vandalisation, Kyari said that the country had recovered up to N1.7 million barrels of crude oil following increased monitoring by the independent pipeline security companies and the military.

“In the last 5-6 months government security agencies and private security companies have done things differently, and it has yielded results.”

He said that NNPC was resolute at meeting its targeted contribution to the budget.

He assured that the NNPC would restart the Port Harcourt refinery in December, to be followed by the Warri refinery in the first quarter of 2024.

This, he said would be complimented by small scale refineries.

Keyari said that the corporation had recorded a N274 million profit in 2021, a growth from 2018.

He said that the NNPC may post profit in excess of N2 trillion in 2023; adding that in 2024 Nigeria would be a net exporter of petroleum products.

While stressing that the passage of the Petroleum Industry Act (PIA) had ensured that energy supply was stable and creating cheaper energy for Nigerians, Kyari assured that the country will not experience fuel queues during the 2023 yuletide.

”And I guarantee you your excellency that we will not see any shortages in our country. You may see a number of scattered reports at filling stations that people will call queues. They are not,” he said.

President of Senate, Godswill Akpabio, tasked the management of the NNPC to seek ways of deepening the consumption of locally produced petroleum products.

He also called for the establishment of modular refineries, as well as the renovation of existing ones to create a multiplier effect which would include creation of jobs for youths, and more security for the country.

He said the senate was supporting the efforts to end oil theft and pipeline vandalisation which, according to him, was resulting in revenue losses to the nation.

The Senate President said that the Senate would partner with the NNPC in creating legislations that would smoothen ease of business for stakeholders in the oil and gas sector.

He commended the corporation for ensuring an end to the fuel subsidy regime and called for capacity building for legislatures to ensure proper legislative input in the sector.

“Nigerians want to hear good news and you came with a very good news. And this is good news,” Akpabio said.

SOURCE: thenewsguru.com

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