President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited).
He has also affirmed that the company is mandated by law to ensure that Nigeria’s National Energy Security is guaranteed.
Speaking at the event at the State House Conference Centre, the President said Africa’s largest National Oil Company would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
He expressed optimism that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account.
The Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assured international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
Sylva described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.
The Group Chief Executive Officer of NNPC Limited, Mele Kyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
He assured stakeholders and the global energy community that the new company was endowed with the ‘‘best human resources one can find anywhere in the industry.