Sen. Lokpobiri denies authorising NNPCL to stop running refineries - ITREALMS

ITREALMS ... making leadership SENSE with digital news!

The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri Ph.D, has refuted claims that he authorised the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation, reports ITREALMS.

A press statement available to ITREALMS and personally endorsed by Senator Lokpobiri said that his attention has been drawn to statements credited to Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented him at a recent conference in Lagos.

"I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false," he said.

This, Lokpobiri said, does not represent his position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.

"It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity," he said.

Additionally, the Minister said that the oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining.

"We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies," he declared.

Lokpobiri therefore, reaffirmed commitment to supporting the growth and independence of NNPCL, by ensuring that its operations are in line with international standards for efficiency and transparency and profitability.

Uboshe Uboshe/Editor

Short URLs: goo.gl, mcaf.ee, cli.gs