The Nigerian National Petroleum Company Limited says it is carrying out a rigorous engineering and financial construct to enable the sustainability of the Nations refinery.
Group Chief Executive officer of the NNPCL, Bayo Ojulari at a media briefing in Abuja, said the company was collaborating with Private Investors to ensure quality sustainable output of products, which can compete with others in the market.
Ojulari emphasized that the overhaul of the refineries would also give the country the options to export refined products.
“We are running a rigorous review of the Refineries to ensure that whatever solutions we put forward, would be sustainable and the refinery is profitable. We are a limited liability company and if the refinery is not profitable the it cannot work.”
“Most importantly we don’t hear the story of refinery is working today and it’s not working tomorrow. That is not a switch, but requires rigourous engineering, rigourous commercial construct.”
He added that, “This entails that we bring onboard, people who have a reputation in operating refineries not just anybody on the streets”.
The NNPC GCEO while presenting the companies full year financial report of twenty-twenty-four, revealed the net income of the company was five-point-four trillion Naira.
He said the company was pursuing a sixty billion dollar investment pipeline to expand oil and gas output with the goal to raise crude oil production to 3 million barrels per day by 2030 and grow gas production to twelve billion cubic feet daily.
“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of ₦5.4 trillion supported by ₦45.1 trillion in revenue.
The NNPC Boss hinted that by mid next year, new partnerships and contacts would have been agreed upon to stern the fate of the Nations refineries.