Transnational Corporation of Nigeria Plc, (Transcorp) has announced its intention to buy all the Nigeria National Petroleum Corporation’s (NNPC) abandoned gas plants all over the country and revamp them.

Chairman of of the company, Tony Elumelu, made this known at the weekend during Transcorp’s 10th Annual General Meeting in Calabar.

Elumelu explained that Transcorp conglomerate intends to invest more in power generation, and hopes to increase its internal power generation from 300 to 800 megawatts to power their operations across the country from June this year.

According to him, “We are not relenting. We are in discussion with NNPC to see whether we can take over and run the idle gas plants. We have the capacity to do this.

“Our thinking is that instead of having these moribund gas fields in the Niger Delta lie idle, let some power generating companies that have the resources such as Transcorp Power, take them over.

“We can revamp them, produce gas and use it to improve our power generation and get the country realise its present target of 10,000 megawatts of electricity,”

“Power generation and consumption is a problem in Nigeria today and if we can improve electricity generation that will help to check the shortfall and boost the economy. he said”

Elumelu observed that poor performance in the power sector had affected Transcorp’s operations, and that the company needs no fewer than 300 megawatts of electricity daily.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.