The Nigerian National Petroleum Corporation (NNPC) on Thursday named the board members of a new subsidiary, Nigerian Greenfield Refinery Limited (NGRL) saddled with the management of the refineries.
The Group Managing Director of NNPC, Mallam Mele Kyari, while swearing in the new board members in Abuja, charged them to ensure the profitability of the refineries.
He advised them to develop strategies that will solve the current challenges associated with the importation of refined petroleum products.
A statement by the Group General Manager, Group Public Affairs Division, Mr. Garba Muhammad, quoted Kyari, as having challenged members of the board to focus on profitability in order to remain afloat and avoid liquidation.
Kyari, is the Chairman of the NGRL board while the Managing Director of the NGRL is Mr. Bege Talson.
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Kyari stated, “As a business, this is a big opportunity for us and this company’s balance sheet must change positively. Going forward, with the Petroleum Industry Act (PIA), I can tell you that if you continue to post negative for three years, you are out. So, there is really no excuse.”
“Our company must grow and we can’t do well except we are able to process our production, whether it is the liquid or gas. If we don’t monetise it then we have done nothing. This is really a new chapter and we are committed to making it work.”
Talson said the company was working with third-party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000 barrels per stream day.
Other members of the board include: Group Executive Director, Finance and Accounts, Mr. Umar Ajiya; Managing Director of the Nigerian Gas Company (NGC), Mr. Oluwaseyi Omotowa; and Managing Director of NNPC Retail, Mrs. Elizabeth Aliyuda.
Listed also as members are Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr. Muhammad Ali-Zarah; and Tolulope Olubommo, who is to act as Company Secretary and Legal Adviser.
