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Deregulation: NNPC Supports Deployment of CNG coys

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The Nigerian National Petroleum Corporation (NNPC) has pledged to support ongoing deregulation initiatives by the Ministry of Petroleum Resources to provide alternate energy source to Nigerians through aggressive activation of Compressed Natural Gas (CNG) refill stations for motorists across the country.

Mallam Mele Kyari disclosed this while speaking on TVC Business Show, Business Nigeria Live, the Group Managing Director of the Corporation.

Mallam  Kyari affirmed that the National Oil Company has already keyed into the gas penetration agenda as championed by the Honourable Minister of Petroleum Resources, Chief Timipre Sylva.

He said as an energy company with focus on cleaner and cheaper sources of fuel, the Corporation would continue to work with other stakeholders in the industry to provide viable alternatives to petrol which would ultimately lead to reduction in demand for the product and eventual reduction in price.

The NNPC GMD reiterated the commitment of the corporation towards deregulation, openness and greater transparency in its operations, noting that in the months ahead NNPC would make public its 2019 Audited Financial Statements as a sequel to the 2018 AFS released in June.

Kyari also shed more light on the status of the nation’s refineries, noting that the plants were deliberately shut down to allow for a robust diagnosis of the issues which have overtime made it impossible for the facilities to operate up to their name plate capacity.

The GMD said that the shutdown also became inevitable due to difficulties in feeding them with crude oil via the pipelines that have been completely compromised by vandals.

He said the Corporation was moving rapidly to execute complete rehabilitation of the refineries under an exercise that would guarantee restoration of the facilities to at least 90 percent capacity utilization.

Recall that ElombahNews published on September 4 that Major Oil Marketers Association of Nigeria (MOMAN) says the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, will be beneficial to Nigeria and Nigerians in the long run.

READ ALSO: Oil marketers list gains of PMS deregulation to Nigerians


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