- August 21, 2015
- Posted by: Website Admin
- Category: National News, Uncategorized
The Group Managing Director, Nigerian National Petroleum Corporation-NNPC, Emmanuel Kachikwu, and other stakeholders have argued that fuel subsidy was an unsustainable drain on the economy and called for speedy deregulation of the nation’s oil and gas sector.
He disclosed this while presenting a keynote address titled “Energy Crisis and Sustainable Development in Nigeria: The Way Forward”, at the National Association of Energy Correspondents Conference held in Lagos.
The NNPC boss, who was represented by Acting Managing Director of Nigeria Engineering and Technical Company Bolanle Ashafa, said deregulation would encourage domestic private sector participation and inflow of foreign investments as well as provide a fair deal for Nigerians from the abundant petroleum resources, through fair product prices for consumers, full cost recovery, and reasonable margins for operators.
Kachikwu said the corporation was fully committed to reforming existing refineries, to boost domestic petroleum products supply, adding that the refineries had been re-streamed, but were yet to attain optimal capacity in production.
He reassured Nigerians that NNPC would continue to maintain stability in the supply and distribution of petroleum products nationwide and promised that the Nigerian oil and gas industry would be transformed for greater efficiency and sustainable growth, through market reforms, diversification of the revenue base and monetisation of the natural gas resources.