I would want to draw your attention to remarks made at a recent conference in Lagos by Engr. Kamoru Busari, Director of Upstream at the Ministry of Petroleum Resources. I would like to make it clear that it is untrue that I gave the Nigerian National Petroleum Company Limited (NNPCL) instructions to cease operating its own refineries and to concentrate only on equity participation in other refineries. This is neither the Federal Government’s perspective, nor does it reflect my role as Minister in charge of the oil industry.
It is crucial to make clear that NNPCL is a business with a functional board and management that is controlled by the Companies and Allied Matters Act (CAMA). NNPCL is managed and controlled independently by the Ministry of Petroleum Resources, much like any other business organization.
The Nigerian government is still dedicated to encouraging domestic refining, even if the oil and gas industry is completely deregulated. We urge businesses, including NNPCL, to run autonomously while adhering to international best practices. We advise strategically, but we don’t get involved in these businesses’ day-to-day operations.
I reiterate our dedication to helping NNPCL expand and become independent while making sure that its operations meet global standards for effectiveness, profitability, and openness.
The State Petroleum Resources (Oil) Minister is Sen. Heineken Lokpobiri, Ph.D.
