NNPC Ready to Compete with Private Sector Firms – Kyari
………..Buhari to unveil the new NNPC July 17
Group managing director of the Nigerian National Petroleum Company (NNPC) Limited, Mr. Mele Kyari, has confirmed that the commercialisation exercise of the company is complete, and that the firm would contend fiercely for oil and gas assets in the country as it evolves into a commercial entity.
Kyari who spoke at the ongoing 21st Nigeria Oil and Gas (NOG) Conference and Exhibition with the theme: “Funding the Nigerian Energy Mix for Sustainable Economic Growth,” told stakeholders and industry captains that the NNPC would henceforth go for the best and juiciest assets in the industry.
He hinted that President Muhammadu Buhari would be unveiling the new NNPC Limited on July 19, which according to him meant that the firm would adopt best global practices in its operations.
According to Kyari, the mode of operation of the national oil firm would be no different from others, and there would be no reason for the other private firms to be afraid
Kyari stated that the NNPC would however be frontal in its moves to acquire as many oil and gas assets as possible with the mind-set to become one of the biggest oil firms in the world.
“What is very fundamental is that the NNPC is set to be the partner of choice. We will be the biggest capitalised company in Africa. We will be the partner that will be focused on the commercial value of every engagement that we do.
“We will be the biggest oil and gas company and therefore there will be no distinction between the NNPC and the rest of the partners that we have in this business.
“And as you (private oil companies) are also acquiring assets, and without mincing words, I am being very frontal, we will acquire the best of assets that is possible in order to build our assets base and also those that we can’t manage for our scale, we will give it to you,” he stated
He said the transition of the NNPC into an entity that would be regulated in line with the provisions of the CAMA would position it as a partner of choice to all oil and gas companies globally.