Home Energy NNPC to grow LPG consumption, Targets 10% Global LNG Market

NNPC to grow LPG consumption, Targets 10% Global LNG Market

NNPC to grow LPG consumption, Targets 10% Global LNG Market

UGO AMADI

The Nigerian National Petroleum Corporation (NNPC) has expressed commitment to aggressively grow local consumption of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, even as it targets 10% market share of the global Liquefied Natural Gas (LNG) market.

The Group Managing Director of the NNPC, Dr. Maikanti Baru, disclosed this at the opening ceremony of the 8th LPG Annual Conference and Exhibition in Abuja.

The GMD who was represented by the Chief Operating Officer, Downstream, Engr. Henry Obih, said that the Corporation was determined to invest in making LPG available to Nigerians to discourage the current trend of using firewood and other unsafe means for cooking, stressing that it was time to bring LPG closer to the people and at affordable price.

In a presentation entitled: “Strategic Direction – Driving Nigeria’s LPG Future”, the GMD said significant investment has been made by the Corporation to address the challenges of products deficit.

He listed some of the projects aimed at deepening LPG consumption in the country to include: expansion of NNPC LPG storage facility at Apapa from 4,000mt to 8,000mt in the first phase; construction of pipelines to deliver LPG to plants in the hinterland; and development of coastal supply facilities.

“We have also purchased two LPG vessels for export operations through the West African Gas Ltd (WAGL), a joint venture firm, and we have developed a growth strategy plan and gradually providing LPG skids across NNPC Retail outlets”, he stressed.

On the global scene, Dr. Baru declared that NNPC was doing everything to leverage on the nation’s enormous gas reserve to secure about 10% of the global market share of traded LNG.

In another development, , Dr. Maikanti Baru, described the national oil company as the most open and transparent government-owned corporate entity due to its demonstrable commitment to the ideals of probity and accountability in all its operations.

Speaking at the public opening of bids for Insurers and Brokers for NNPC Oil and Non-Oil Assets and Liabilities, the NNPC GMD explained that by sustaining the practice of public harvesting of bids submitted in response to widely advertised call for tenders, the corporation has emerged a veritable champion of openness and transparency.

“In terms of transparency and accountability, I can guarantee you that there is no other government agency that is more open than us. We are the first and maybe the only one that is still publishing its account on a monthly basis, that is the uppermost point of transparency,’’ he said.

Baru noted that same gale of transparency runs through the corporation’s processes and procedures which has manifested in seamless conduct of open bid exercises for procurements across the operational value chain.

On the bid for insurers and brokers for NNPC assets and liabilities, the GMD said the transparent nature of the exercise has helped the Corporation to save premiums of up to $30m year-on-year over the past three years while ensuring greater participation of insurers and brokers within the same period.

Over 600 bids were submitted for the 2018/2019 exercise for the evaluation and selection of insurers and brokers for the NNPC oil and Non-Oil Assets and Liabilities.

The exercise was witnessed by representatives of the Bureau of Public Procurement (BPP), National Insurance Commission (NICOM), Nigerian Content Development and Monitoring Board (NCDMB), Transparency Watch and hordes of civil society groups and organizations.

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