October 9, 2024
THE Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has refuted the report that he directed the Nigerian National Petroleum Company Limited, NNPCL, to stop running its refineries and focus solely on equity participation in others.
It was alleged that the Director of Upstream in the Ministry of Petroleum Resources, Engr. Kamoru Busari who represented the minister at an event in Lagos, said that he directed the company to focus on equity participation in other refineries.
In a press statement, Sen. Heineken Lokpobiri said “My attention has been drawn to statements made by, Director of Upstream in the Ministry of Petroleum Resources, Engr. Kamoru Busari who represented me at a recent conference in Lagos.
“I wish to categorically state that the claim that I 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. This does not represent my position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.
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“It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.
“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.” Lokpobiri maintained.
