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The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari has said the company has not breached any of the enabling laws guiding its dealings with partners, hence should be counted out of any claims of economic sabotage, especially with regard to the supply of crude oil for domestic refining.
Kyari, addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in Nigeria’s petroleum industry at the National Assembly on Wednesday, said crude oil refining business was a straightforward business which any investor should know before coming into the market.
The NNPC Ltd.’s boss stated that the law was clear on domestic crude oil supply obligations and also on providing for local refineries.
However, Kyari added, that the same law also stipulated that there must be a willing buyer and a willing seller.
He said, “Refining business is a straightforward business. You must secure (a source for) your feedstock, and you must find a market. This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery.”
On importation of sub-standard fuels into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.
He explained that there was enough infrastructure to produce 2million barrels of crude per day, regretting that crude oil theft, pipeline vandalism and absence of investment in the upstream were the major factors hindering the sector.
Kyari assured that as a company owned by over 200 million Nigerians, NNPC Limited has grown from a loss-making position to a profit-making entity.
While pledging full cooperation with the Committee in its efforts to unravel the allegations being investigated, Kyari said the NNPC Limited remain committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act, PIA the Company & Allied Matters Act, CAMA, and other enabling laws and regulations governing the nation’s energy Industry.
“We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari concluded.
