NIPCO leverages on PIA, to increase investment in petroleum sector
To further enhance smooth distribution of petroleum products across the country, the Nigerian Independent Petroleum Company (NIPCO) Plc has unveiled its plans to increase its investment in the sector.
Managing Director/Chief Executive Officer, NIPCO Plc, Suresh Kumar, who disclosed this at the 18th Annual General Meeting of the company, in Abuja, said NIPCO is poised to tap into the opportunities presented by the Petroleum Industry Act (PIA), to further drive its mission of meeting the needs of stakeholders in a deregulated downstream sector of the nation’s oil and gas industry.
Kumar said: “This year, 2022 is very significant for operators in the hydrocarbon industry with the PIA implementation and attendant reforms, especially the deregulation of the downstream sector. Kudos to the Federal Government for enacting the Act, which hopefully will support growth of the hydrocarbon industry. We hope to harness the business opportunities in the country and significantly expand our investment in the industry within the framework of right operating environment, which is key in boosting investors’ confidence,”
He said NIPCO is determined to continually take its pride of place in the context of the emerging downstream sector under the PIA, as it would continue to be transparent, diligent, socially responsible and operate within the ambit of good corporate governance in the best interest of stakeholders.
Kumar said that the company intends to consolidate the gains of the past years and take full advantage of the great potentials of the industry to propel the company for higher growth.
He told the investors that the year 2021 was very challenging for the economy with oil and gas having its fair share due to COVID-19 and its deadly variants.
He lauded the Federal Government’s efforts at ensuring that LPG price is within the reach of the populace, calling for smooth implementation of its gas development initiatives.
The NIPCO boss said the National Gas Expansion Programme (NGEP) is making giant strides to improve local supplies and save the nation considerably some ancillary cost in LPG import cost.
According to him, the NGEP initiative and the declaration of the decade of gas could take the nation’s efforts in the gas realm to the next level, adding that the feat, if fully actualized will undoubtedly make the sector more attractive for investors.
Kumar urged the Federal Government to make good its promise to procure 10million gas cylinders for marketers for onward distribution to end-users. This, he said would no doubt, boost LPG utilization as cost of cylinders account for over 80 per cent of accessories needed to use gas as domestic cooking fuel.
He assured of the company’s commitment to Corporate Social Responsibility (CSR), noting that the effective utilization of the computer laboratory project in which it offered several computers and printers to boost computer literacy in primary schools in Apapa area of Lagos State, is a source of our motivation for to do more.