Minister of State Petroleum Assets (Oil), Sen. Heineken Lokpobiri, has clarified the assertion made on his behalf in directing the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) to cease working its refineries and focus solely on fairness participation in different refineries.
Lokpobiri, in a press release by the Director of Upstream within the Ministry of Petroleum Assets, Kamoru Busari, represented him on the Crude Oil Refinery-Homeowners Affiliation of Nigeria (CORAN) summit in Lagos.
He burdened that the assertion doesn’t characterize his place because the Minister overseeing the oil sector, nor does it mirror the stance of the Federal Authorities.
He additional defined that NNPCL operates as an organization ruled by the Firms and Allied Issues Act (CAMA), with its practical board and administration, emphasising that his ministry doesn’t management or handle NNPCL, because it capabilities independently like some other company entity.
“The oil and fuel sector is totally deregulated, and the Nigerian authorities stays dedicated to selling in-country refining.
“We encourage corporations, together with NNPCL, to function independently, following international finest practices. Whereas we offer strategic steering, we don’t intervene immediately within the operations of those corporations.
“I reaffirm our dedication to supporting the expansion and independence of NNPCL, making certain that its operations are consistent with worldwide requirements for effectivity, transparency, and profitability.”
