Mr. Suresh Kumar, Managing Director of NIPCO Plc
The Nigerian Independent Petroleum Company (NIPCO) has applauded government’s at all levels for their programmes targeted at deepening domestic gas utilisation in consonance with global energy transition.
The Managing Director, NIPCO Plc, Suresh Kumar, who made the commendation at the 19th Annual General Meeting (AGM), said the company is committed to support the ideas with its ultra-modern facilities.
Kumar however, noted that more concerted efforts are still needed in the areas of infrastructure to guarantee access to the products.
“Operators have based their hopes on speedy completion of the Abuja – Kaduna – Kano (AKK) gas pipeline and subsequent connection of more cities to the gas pipeline across the country,” he stated.
Recounting the performance of the petroleum marketing company in the 2022 Financial Year, he said the company was able to scale through the global and national challenges through its resilience structure.
“Our performance in 2022 was mainly on a long-term growth strategy that was anchored on prudent management of resources, cost optimization, teamwork and unflinching support of the Board of Directors,”he said.
Kumar continued: “Our company’s daunting efforts in the industry and indeed gas sector is also worthy of note with its wholly owned subsidiary, NIPCO Gas Limited (NGL). The company has continued to deepen domestic gas utilisation through access to both CNG for auto use and piped natural gas for industrial usage. It has constructed and laid over 100 kilometers of big gas pipeline and currently in Lagos – Ibadan expressway linking Ogun State to its neighboring Oyo State via gas pipeline.
“NIPCO Gas Limited (NGL) embarked on the construction of three CNG refill stations in Federal Capital Territory (FCT) and environs in 2022 to facilitate access to gas by motorists and other end users. Two of the stations are ready and functioning with the Abuja airport road station servicing the newly inaugurated mass transit buses for civil servants in the territory among other motorists,” he stated
Kumar said NGL is entrenching its presence across the federation encouraging a switch to natural gas by motorists and industries as preferred energy source through massive investment in infrastructure to improve access.
“It is also a stakeholder in the Federal Government National Gas Expansion Programme with her footprints in some states with conscious plans to cover the entire country soonest,” he said.
He assured the shareholders that the company would continue to act in concert with its peers in the industry to achieve energy security for Nigeria.
The NIPCO boss said the outlook of the company is promising, assuring that the management would continue to improve in all areas of its operations with a view to achieving the vision of the promoters of the organization.
“Hopefully with the plethora of measures being put in place at improving human and material resources of your company and continuous support of our esteemed publics, a brighter future would be guaranteed for NIPCO Plc. We will continue our investment in the hydrocarbon industry as a further attestation of the resilience of the Nigerian economy.
“With the full deregulation of the downstream sector, we are assuring you of our preparedness to utilize the measure to grow your company through the combined efforts of our human and material resources. We have all expertise and structure in place to expand the infrastructure in Natural Gas consumption which we foresee as the future of the energy market in Nigeria.
“We intend to consolidate our position in the industry and strive for greater market share in the petroleum products marketing stream. Effective harnessing of our human capital will be pursued to give fillip to your company’s commitment to providing top notch customer service experience at all times”, he said.
Kumar appreciated the regulatory agencies including the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigeria National Petroleum Company Ltd (NNPCL), saying they have all contributed meaningfully to the company’s growth trajectory in 2022.
According to him, the two organizations have held a series of consultative meetings with operators in all areas of the nation’s hydrocarbon industry, and it is hopeful that by the time all the consultations are concluded, most of the regulatory challenges being faced by operators would have been amicably resolved in the overall interest of stakeholders.
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