According to Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Limited, the company is exempt from any accusations of economic sabotage since it has not broken any of the laws governing its business dealings with partners.
Speaking to the Senate Ad-Hoc Committee looking into claims of economic sabotage in the Nigerian Petroleum Industry on Wednesday at the National Assembly, Kyari said that the refining industry is a simple industry that any investor should be aware of before entering the market.
“The refining industry operates in a straightforward manner. You need to locate a market and secure (a source for) your feedstock. This fundamental principle dictates the operations of refineries worldwide. That is what refining is all about. No domestic refinery has been sabotaged by us, Kyari declared.
The requirement for domestic crude oil supply and for funding local refineries are both clearly outlined in the law, according to the GCEO. Kyari clarified, though, that the same law also required that there be a willing seller and a willing buyer.
On alleged importation of sub-standard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.
The GCEO backed the requests made to the Ad-hoc Committee to transmit the interactive sessions live on national television in order to avoid misleading Nigerians.
He clarified that although there is sufficient infrastructure to produce two million barrels of crude oil per day, the industry is hampered primarily by problems with crude oil theft, pipeline vandalism, and a lack of investment in the upstream.
He claimed that the NNPC Limited, a business owned by more than 200 million Nigerians, has become profitable after turning a profit in the past.
In addition to promising complete cooperation to the Committee in its endeavors to dissect the allegations under investigation, Kyari stated that the NNPC Limited, along with its entire board, management, and workforce, is still faithful, loyal, and committed to Nigeria. It will also persist in operating in compliance with the provisions of the Company & Allied Matters Act (CAMA), the Petroleum Industry Act (PIA), and other enabling laws and regulations that oversee the country’s energy sector.
Our dedication to the advancement and growth of this nation is unwavering. The general interest of this magnificent country is something we have a duty to defend. We have not broken any rules,” Kyari declared.
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