Mele Kyari, NNPC, NNPC spends estimated N33.60/litre on petrol subsidy, NNPC vows to be transparent, set to publish details of petroleum product supplies 
Mele Kyari of NNPC.

The Nigerian National Petroleum Corporation (NNPC) is seeking to gain more trust in the hearts of its stakeholders.

The Details: The Group Managing Director of the NNPC, Mele Kyari announced the corporation’s decision to start publishing details of its petroleum products supplies. Kyari said the corporation would also publish the monthly reports of its operations and financial records.

We will continue to be transparent; we will do more than you can ever imagine in terms of transparency.

We will not just publish our financial records, but very soon, we will publish more things that Nigerians need to know, particularly details of petroleum products supply and distribution, which is an area most people don’t understand.”

Stressing the importance of accountability and transparency, he said publishing the reports would strengthen the corporation’s relationship with stakeholders and enhance better performance.

[READ MORE: NNPC GMD, Mele Kyari, discloses impact of Saudi Aramco drone attack on oil market]

NNPC seeks external support: Meanwhile, the corporation is seeking a partnership with the African Export and Import Bank to finance its critical projects, especially the rehabilitation of moribund refineries and downstream infrastructure, including pipelines.

In a meeting between the corporation and Executive Vice President of Afrexim Bank, Amr Kamel, as well as other top officials of the bank yesterday, Kyari called on reputable financial institutions like the Afrexim bank to develop the sector.

The NNPC also said it would collaborate with any financial institution willing to finance its major infrastructure.

Deal book 300 x 250

We have a number of financing needs; it depends on how much you are bringing to the table. We need support particularly in refinery rehabilitation, depot optimisation and pipeline financing,” Kyari said.

On his part, Kamel said the bank’s management team thought it imperative to interact with the NNPC with a view to seeking collaboration on ways to further grow the oil and gas sector.

More Developments: The NNPC also promised to work hand-in-hand with the National Assembly and all other stakeholders to pass the long-awaited petroleum legislation.

[READ ALSO: Shutdown of OML 25 cost Nigeria over $1.7 billion – NNPC]

Highlighting the importance of the petroleum legislation, he noted that the bill had the ability to guarantee a robust fiscal regime, protect the environment and develop host communities.

Getting the petroleum legislation passed is the right thing to do because investors will not invest their money if they are not sure of how they are going to get their investment back.”

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