“CLAIMS THAT I ASK NNPCL TO STOP RUNNING ITS OWN REFINERIES, FOCUS ON EQUITY PARTICIPATION IN OTHER REFINERIES IS FALSE.”–OIL MINISTER
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Senator Heineken Lokpobiri,Minister of State Petroleum Resources (Oil), has described certain claims made on the operations of the Nigerian National Petroleum Company Limited by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, to the effect that he has asked NNPCL to stop running its own refineries and focus solely on equity participation in other refineries as false.
Busari represented the Minister on Tuesday at the first edition of Crude Oil Refiners Association of Nigeria ( COREN) Summit in Lagos,where he reportedly told the Nigerian National Petroleum Company Limited (NNPCL) to stop running the country’s refineries and take equity in private refineries.
He added:”We urge the state oil company to take equity in the other upcoming refineries rather than running refineries”
Reacting in a statement,Heineken Lokpobiri stated that the claim that he directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false.
He said this does not represent my position as Minister overseeing the oil sector,nor does it reflect the stance of the Federal Government.
He clarified that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management,adding that the Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.
He added:”The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies.
“I reaffirm our commitment to supporting the growth and independence of NNPCL, ensuring that its operations are in line with international standards for efficiency and transparency and profitability”. The Minister added
