NNPC Ltd Denies Allegations Of Economic Sabotage
The Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, Mr. Mele Kyari has denied allegations of economic sabotage, saying the oil giant has not breached any enabling law that guides dealings with its partners.
Addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry at the National Assembly on Wednesday, Kyari explained that refining is a straightforward business which any investor should know before coming into the market.
The NNPC boss, who insisted that the Company has not ran foul of regulation in the oil sector, said; “Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market.
“This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery”.
He said law is very clear on domestic crude oil supply obligation and also on providing for local refineries, stressing further that the same law also said there must be a willing buyer and a willing seller.
Kyari, who also reacted to alleged importation of sub-standard products into the country, said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.
While also supporting calls for the Ad-hoc Committee to beam the interactive sessions live on national television to prevent misinforming Nigerians, Kyari explained that there is enough infrastructure to produce two million barrels of crude per day but the challenges of crude oil theft, pipeline vandalism and absence of investment in the upstream are the major factors hindering the sector.
According to him, the NNPC Limited, as a company owned by the over 200 million Nigerians, has grown from a loss-making position to a profit-making entity in recent times, even as he pledged that the Company would fully co-operate with the Committee to unravel the allegations being investigated.
He also assured that the NNPC Limited, its entire board, management and staff remain loyal, faithful and committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA) and other enabling laws and regulations governing the nation’s energy Industry.
A statement by the Chief Corporate Communications Officer of the NNPC Ltd, Olufemi Soneye quoted Kyari as assuring the Committee that; “We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules”.
