Economic Confidential

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Engineer Andrew Yakubu says Nigeria as a developing nation needs critical intervention to develop its downstream infrastructure to meet growing demand of petroleum products.

“Specifically, we want to focus on rehabilitation of strategic depots, jetties and pipelines because of the direct impact these facilities have on the rate of economic and social development of our country, and its people”, the GMD noted while presenting a paper at the 31st Japan Corporation Centre, Petroleum (JCCP) symposium in Japan

According to him, the success of rehabilitation of the existing and commissioning of new critical infrastructure will pave the way for uninterrupted supply of petroleum products, which will impact positively on the economy.

The GMD said new refining capacity of 750, 000 barrels per day is expected in the country with the establishment of three new refineries in Bayelsa, Kogi and Lagos states.

According to him, the country has a total of 5, 120 km pipeline network, 21 petroleum products depots, nine liquefied petroleum gas (LPG) depots, three terminals at Atlas Cove, Escravos and Bonny as well as MT Oloibiri and MT Tuma.

“Huge investment is required in all these facilities to meet the growing need for petroleum products,” Engineer Yakubu said.

Engineer Yakubu said that NNPC was promoting partnership with the stakeholders to liberalise the corporation in accordance with the Petroleum Industry Bill (PIB) to reposition the corporation to function better as a truly commercial national oil company like its peers elsewhere.