The 2019 target set by the Nigerian National Petroleum Corporation (NNPC) to exit importation of Premium Motor Spirit (PMS) better known as petrol, is still achievable, Group Managing Director, Dr. Maikanti Kacalla Baru, has said.
Dr. Baru made this known while fielding questions from journalists on the sidelines of the ongoing Offshore Technology Conference (OTC) in Houston, United States, on Monday.
The GMD, who was represented by the Chief Operating Officer, Gas & Power, Engr. Saidu Mohammed told journalists that as at today, all the nation’s three refineries were producing petroleum products.
“We load out at least 5 to 6 million litres of PMS daily and about that same quantity of AGO daily from the three refineries. That is part of what is making the PMS market in Nigeria stable today. We believe that the set target of exiting PMS importation in 2019 is achievable,” he stated.
He maintained that because rehabilitation of the refineries has been hampered by lack of regular Turn Around Maintenance (TAM) over the years, it would take more years to get the refineries fully back to their nameplate capacities.
“Don’t forget also that for us to exit PMS importation in 2019, we have to also bring in new refineries that will co-locate with existing ones together with the new ones that will be built. Then, we see ourselves as a net exporter of products. On this, I can tell you that we are on course,” he added.
He observed that following NNPC’s foray into the energy sector through electricity generation and other renewables, Nigeria’s perennial power sector woes may soon be over.
“Essentially NNPC has been there. Many people don’t know that the NNPC has been part of the power sector. We supply steadily about 1,000mw from Afam and Okpai, two of Nigeria’s most reliable power plants serving as one of the cheapest sources of power today in the country,” he noted.
According to the GMD, the NNPC engaged its Joint venture partners, Chevron and Total, towards building similar power plants at Obite and Agura.
He said the Corporation was also looking at bringing in new investors. “We have advertised and are currently evaluating potential partners in this regard,” he said.