Saturday, 9 December 2017

No Shortage of fuel in the country, NNPC Chairman Baru douses tension

The federal government of Nigeria states that there is no shortage of fuel supply across the country, saying the recent scarcity is caused by hoarding of fuel

The group managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru on Friday, December 8, called on foreign investors to partner with the corporation in its multi-billion dollar projects to be executed in 2018.

Baru made the call in a statement issued by Ndu Ughamadu, NNPC Group General Manager Public Affairs Division. The statement said that Baru spoke at an event in London where he was conferred with a Forbes Award. Baru said the corporation would execute a number of mega projects which would require international collaboration, The News Agency of Nigeria (NAN) reports. “Our programme for 2018 is very aggressive and will require cooperation from the international community in supporting our activities through technical and financial collaboration,’’ he said.

Among the projects he listed were: Bonga SW/Aparo; Zaba-Zaba; Bosi and the seven critical gas projects and gas pipelines. “Others are the NLNG Train 7 plus expansion; possible divestment of Government Equity in Joint Venture (JV) and development of modular refineries among others. “Today, the confidence of investors is being restored, thanks to good governance provided by the administration of President Muhammadu Buhari. “I, therefore, call on you all to utilise this golden opportunity made possible by our supportive President,’’ Baru said. He said that international collaboration between the NNPC and its partners was fast yielding results as within the last three years, NNPC had secured about 3.7 billion dollars alternative financing agreements. This agreement, he remarked, was aimed at sustaining and increasing the national daily production of petroleum products. He said the alternative financing had also helped to renew investors’ confidence resulting in a boost in Foreign Direct Investments (FDIs) in Nigeria. Baru observed that the financing arrangement had also deepened the participation of local banks in funding the upstream sector as the funds were syndicated from both local and international banks as well as lenders. He commended the local and international lenders and the JV partners for their continued faith in Nigeria and their support toward providing the funding.

Baru also commended Forbes for the “2017 Africa Oil & Gas Man of the Year Award’’ conferred on him, and described the recognition as not only special to him, but to all Nigerians. “This award is so special to me. It is an award to Nigeria which fills me with immense national pride. “It also reinforces the long-established and far-reaching impact of the NNPC in national, regional and global economic growth and stability,” he added. While conferring the award on Baru, a representative of Forbes, Mr Mark Furlong, said his institution was celebrating an embodiment of hard work, integrity and intelligence in Nigeria’s oil and gas industry and beyond. “Dr Baru is admired and celebrated nationwide and internationally. He is a credible and courageous man with high moral virtue. “His broad knowledge and positive leadership style are worthy of emulation,” Furlong added Meanwhile, the federal government of Nigeria has stated that there is no shortage of fuel supply across the country, saying the recent scarcity is caused by hoarding of fuel. The government, in a tweet on his official tweeter handle, said unfounded rumours of a price increase caused the queues being seen at petrol stations in the country. In the tweet, the government said there is no increase in price, adding that there is no justification for panic buying.

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