Kyari Says NNPC Can Stop Fuel Importation As PIB Goes Back To NASS

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari has said the national oil firm has assets worth over $20 billion, and if deployed properly could help stop dependence on fuel imports.

Kyari disclosed this while lamenting the continued importation of petroleum products into the country at the ongoing Nigeria International Petroleum Summit 2020 in Abuja.

 According to him, Nigeria can produce more petroleum products by leveraging on the Corporation’s $20 billion assets, and putting the four NNPC owned refineries back to optimal performance  to ensure that 90% of petroleum products consumed is locally produced.

Recall that Kyari on Monday said the NNPC was working with its technical partners to restore its refineries to be able to operate at optimal levels.

The Minister of State for Petroleum Resources, Timipre Sylva also disclosed that the new Petroleum Industry Bill (PIB) would be sent to the National Assembly next week in order to pass it into law by mid-2020.

According to Sylva, the non-passage of the bill brings a lot of uncertainties to the investment climate, stressing that passing the bill into law is essential to gaining investors’ confidence.

 The Petroleum Bill is one of the oldest bills in the Nigerian Legislature and it seeks to promote best practices in the management of the extraction of Nigeria’s oil.

The Bill was first introduced in 2008 by the then President, Umaru Yar’adua.