London, 24 November 2023, (Oilandgaspress) – Nigerian National Petroleum Company (NNPC Ltd.) has reiterated its unflinching commitment to winning the ongoing war against crude oil theft in the country.
The Group Chief Executive Officer (GCEO), NNPC Ltd., Mele Kyari, gave the commitment while making a presentation on the operations of the company under the Petroleum Industry Act (PIA) 2021 at the Federation Account Allocation Committee Retreat in Asaba, Delta State.
The GCEO, who was represented by the company’s Chief Financial Officer, Umar Ajiya, said NNPC Ltd. had zero tolerance for crimes that impacted negatively on the nation’s energy security, stressing that the industry-wide security collaboration to tackle the menace had helped to avert many illegal operations on crude oil and products pipelines with many of the perpetrators arrested.
He said the security operation was aimed at stemming the twin evils of crude oil theft and pipeline vandalism with a view to increasing the nation’s crude oil production, boosting revenues, enhancing energy security, and bolstering economic prosperity.
On the PIA, he said it presented a significant opportunity to reposition NNPC Ltd. for sustainable business success, adding that the company was now operating in line with global best practices.
He disclosed that financial integrity was the fulcrum of NNPC Ltd’s current operations, and that its contribution to total national tax revenue was over 40 per cent.
He said NNPC Ltd. would continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders, adding: “Our book remains open to all our stakeholders as we remain committed to delivering value to Nigerians with height of financial integrity which is deeply rooted in our principles.”
The retreat with the theme: “Creating Resilient Economy through Diversification of the Nation’s Revenue,” was organized by the Federal Ministry of Finance in collaboration with the Delta State Government.
Information Source: Read full article
Energy ,Petrol , Electric Power , Natural Gas , Oil , Climate , Renewable , Wind , EV , LPG , Solar , Electric , Electric Vehicles, Hydrogen, Oil Price ,Crude Oil, Supply, Biomass , Sustainability,
