The Nigerian National Petroleum Corporation (NNPC) has pledged to collaborate with the National Assembly in order to ensure efficiency and transformation of the downstream sector of the Petroleum Industry.
The Minister of State for Petroleum Resources and Group Managing Director of the Corporation, Dr. IbeKachikwu made this known when he received the House of Representatives Committee on Petroleum Downstream at the NNPC Towers in Abuja during their oversight visit to the Corporation.
Dr. Kachikwu noted that the Petroleum Industry is currently undergoing fundamental changes in the face of dwindling global crude oil prices and sued for the support of members of the National Assembly to allow the NNPC solicit for funds from private local and international investors to execute its capital projects.
The Minister said the NNPC has complied with the Federal Government directive on the Treasury Single Account (TSA) which according to him promotes probity and accountability in the day-to-day operations of the Corporation.
He informed that some of the subsidiaries of the NNPC are being unbundled in order to guarantee energy efficiency and security stressing that the Pipelines and Products Marketing Company (PPMC) is being restructured into a pipelines company, products marketing company and a storage company.
The Minister stated that despite the challenging environment especially in the area of pipeline security, the NNPC is mandated to ensure steady supply and distribution of petroleum products such as premium motor spirit (petrol), automative gas oil (diesel) and dual purpose kerosene (kerosene) across the country.
Dr. Kachikwu said that the NNPC is going into joint venture partnership with State Governments and private companies to expand its retail outlets across the country in order to meet national energy emergency needs.
He urged the members of the National Assembly to enact legislations that support the growth and development of the Petroleum sector in order to make the industry work well.
Earlier, the Chairman of the House of Representatives Committee on Petroleum Downstream, Honourable Joseph Akinlajawho was accompanied on the visit by members of the Committee assured the Minister of the preparedness of the National Assembly to support the Federal Government in carrying out its fundamental restructuring of the Oil and Gas Industry for the benefit of Nigerians.
Highpoint of the oversight visit was the separate presentations of the activities of the PPMC and NNPC Retail by their various Managing Directors.