The Nigerian National Petroleum Company (NNPC) Limited has told the Dangote Refinery to source its own feedstock, stressing that the refining business is a straightforward venture that requires securing feedstock and finding a market. NNPC’s Group Chief Executive Officer, Mele Kyari, made this statement while addressing the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigeria Petroleum Industry at the National Assembly on Wednesday......See Full Story>>.....See Full Story>>
Kyari clarified that NNPC has not breached any laws guiding its dealings with partners and should be excluded from claims of economic sabotage.
Kyari explained that the law is clear on domestic crude oil supply obligations and providing for local refineries, but emphasized that there must be a willing buyer and seller.
He said, “Refining business is a straightforward business. You must secure (a source for) your feedstock and you must find a market.”
“This is basic and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” he added.
He also denied involvement in the alleged importation of sub-standard products, stating that regulatory agencies would not allow such products into the country.
The NNPC boss supported calls for live broadcasts of the Committee’s interactive sessions to prevent misinformation and pledged full cooperation in the investigation.
He reiterated the challenges facing the sector, including crude oil theft, pipeline vandalism, and lack of investment in the upstream.
Kyari assured that NNPC Limited remains loyal, faithful, and committed to Nigeria, acting in line with the Petroleum Industry Act, Company & Allied Matters Act, and other enabling laws.
“We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari said.
This development comes after Aliko Dangote, Chairman of the Dangote Group, revealed that international oil companies in Nigeria were reluctant to supply crude oil to his refinery, preferring to export it for foreign exchange.