The Nigerian National Petroleum Company says it is collaborating with private Investors to ensure quality sustainable output of products, which can compete with others in the market.
Group Chief Executive officer of the NNPC, Bayo Onjulari stated this at a media briefing in Abuja.
Ojulari emphasized that the overhaul of the refineries would also give the country the options to export refined products.
“We are running a rigorous review of the Refineries to ensure that whatever solutions we put forward, would be sustainable and the refinery is profitable. We are a limited liability company and if the refinery is not profitable the it cannot work.” Ojulari noted.
“Most importantly we don’t hear the story of refinery is working today and it’s not working tomorrow. That is not a switch, but requires rigourous engineering, rigourous commercial construct.”
The NNPC GCEO while presenting the companies full year financial report of 2024, revealed the net income of the company was five-point-four trillion Naira.
He said the company was pursuing a sixty billion dollar investment pipeline to expand oil and gas output with the goal to raise crude oil production to 3 million barrels per day by 2030 and grow gas production to twelve billion cubic feet daily.
“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of ₦5.4 trillion supported by ₦45.1 trillion in revenue” he stated.
The NNPC Boss maintained that by mid next year, new partnerships and contacts would have been agreed upon to stern the fate of the Nations refineries.
RN
