The Nigerian Independent Petroleum Company (NIPCO) Plc has announced its ambitions to increase its investment in the industry in order to further improve the efficient distribution of petroleum products throughout the nation.
In order to further advance its mission of meeting the needs of stakeholders in a deregulated downstream sector of the country’s oil and gas industry, NIPCO is ready to take advantage of the opportunities presented by the Petroleum Industry Act (PIA), according to Suresh Kumar, managing director/chief executive officer of NIPCO Plc, who made this announcement at the company’s 18th annual general meeting in Abuja.
With the PIA’s implementation and related changes, particularly the liberalization of the downstream sector, Kumar indicated that 2022 will be a pivotal year for hydrocarbon industry operators. Congratulations to the Federal Government for passing the Act, which should help the hydrocarbon industry expand. In the context of the ideal operating climate, which is essential in building investors’ confidence, we hope to take advantage of the business prospects in the nation and considerably increase our investment in the sector.
According to him, NIPCO is adamant about maintaining its prominence in the context of the developing downstream industry under the PIA and will do so by continuing to be open, diligent, socially responsible, and act in accordance with sound corporate governance for the benefit of all parties.
In order to boost the company’s growth, Kumar stated that it plans to build on its recent successes and fully tap into the industry’s tremendous potential.
He warned the investors that the COVID-19 virus and its lethal versions would pose a significant economic challenge in 2021, with oil and gas playing a significant role.
He praised the Federal Government’s efforts to keep LPG prices affordable for the general public and called for the efficient execution of its gas development projects.
The National Gas Expansion Programme (NGEP), according to NIPCO’s CEO, is making significant progress toward enhancing local supply and reducing the country’s ancillary costs associated with importing LPG.
He asserts that the NGEP plan and the declaration of the decade of gas might advance the country’s efforts in the gas sector, and that if completely realized, the achievement will unquestionably increase investor interest in the industry.
In order to fulfill its pledge to buy 10 million gas cylinders for marketers to distribute to end users, Kumar pleaded with the Federal Government. This, he claimed, would undoubtedly increase the usage of LPG because the cost of cylinders accounts for more than 80% of the accessories required to utilize gas as a residential cooking fuel.
He reaffirmed the company’s dedication to corporate social responsibility (CSR), noting that our drive to do more comes from the successful implementation of the computer lab project, in which it provided several computers and printers to increase computer literacy in primary schools in the Apapa area of Lagos State.
