… Unveils Two Books, AptFuel App To Simplify Fuel Station Management
The Coordinator of Oil, Gas and Energy Marketing of the University of Abuja Business School, Professor Billy Okoye, has said that the Nigerian National Petroleum Company Ltd has consistently been on the part of growth after the Group Chief Executive Officer, Mele Kyari broke the “yoke of losses” and unlocked more revenues for Africa’s biggest economy.
The former NNPCL Retail Chief Executive Officer, Okoye, said this during the launch of his books: Dynamics of Petroleum Products Marketing, the Insight into Crude Oil Marketing and AptFuel Technology in Abuja.
Advertisement
He said his books represent the combination of over 20 years of question, research, dedication, and efforts in the oil and gas industry, the professor adding that the NNPCL headed by Dr. Mele Kyari helped the company to escape the jinx of being a loss-making company.
Nigerians and other stakeholders have high expectations on the NNPCL to spur growth in the oil and gas industry as well as provide revenues to support the federal government’s fiscal spending.
The company had declared a total of N3.5tn profit between 2020 and 2022.
The Professor said, “Please permit me to use this moment to congratulate and appreciate the management of NNPC Limited for their outstanding work in steering the company out of the part of losses.
“Since 2020, when NNPC Limited broke the yoke of losses with a N287bn profit, it has remained steady on the part of growth, with this N674bn profit in 2021 and N2.5tn profit in 2022.
“Having spent a part of my years in service in the Crude Oil Markets Division, I also want to congratulate my NNPC Limited people for drawing down the JV cash-call debt from $1.bn to $167m.
“For achieving the first oil from OML-13, for the launch of Nembe Crude Grade, which is Nigeria’s 36th oil grade, I remember that when I was in crude oil, we had launched the 35th early grade. People always think that bonny light is the only grade we have in Nigeria. We have 36 grades. Thanks to NNPC for chairing this. “
Last year, the state-owned company extended its energy security quest with the groundbreaking of the first phase of the 1,350 megawatts (MW) Gwagwalada Independent Power Project (GIPP) in Abuja.
The project is jointly funded by the NNPCL and its strategic partners – General Electric and the China Machinery Engineering Corp (CMEC) with a combination of a debt-equity sharing ratio of 70:30.
“The 350mw GIPP phase 1 of the entire project is extremely necessary and commendable for the economic growth of our country. There is no life without power. We need the energy,” said President Bola Ahmed Tinubu at the groundbreaking.
Nigeria has its own pursuit of energy self-sufficiency spearheaded by the NNPCL.
Speaking on the project as well as others, Okoye said, “I also want to thank NNPCL for the launch of such massive infrastructural protests as the AKK Gas Pipeline, the Nigerian Morocco Gas Pipeline, and for the successful groundbreaking ceremony of the 1,350 megawatts wholly owned Gwagwalada Power Plant by our president, President Bola Ahmed Tinubu, last year.
“The efforts of the visionary and pragmatic management led by Dr. Mele Kolo Kyari, in resolving some of the legacy disputes with our Production Sharing Contract (PSC) partners have not gone unnoticed.
“This has led to the resumption of production from affected assets, boosting overall national production, and bringing more revenues into the federal government coffers.”
Okoye said that the energy industry is one of the most complex and dynamic sectors of the global economy with petroleum products and crude oil marketing at its core.
He explained, “These books aim to provide a comprehensive understanding of the intricate dynamics and challenges involved in marketing these vital commodities. ‘Dynamics of Petroleum Products Marketing’ book delves into the multifaceted world of marketing with the petroleum industry providing insights into refining processes, pricing mechanisms, political influences, foreign subsidy issues and the ongoing energy transition processes.
“It offers a comprehensive framework for navigating the complexities of petroleum products marketing. Similarly, ‘Insight into Crude Oil Marketing’ offers a deep dive into crude oil marketing dynamics, commercial processes, marketing dynamics, geopolitical influences, energy economics, crude oil techs and bundling, including insights into the nitrogen petroleum industry (PIA).”
On the AptFuel Technology, which simplifies fuel station management, Okoye said the innovation enables “easy oversight and efficient operations, driver’s accessibility, real-time information systems, cost reduction, and improved returns to shareholders”