The Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari, has said the company has not breached any of the enabling laws guiding its dealings with partners.
Speaking before the Senate Ad-Hoc Committee investigating alleged economic sabotage in the Nigerian Petroleum Industry at the National Assembly, Kyari stated that refining business was a straightforward business that any investor should know before coming into the market.
“Refining business is a straightforward business. You must secure a source for your feedstock, and you must find a market. This is basic, and this determines what happens in any refinery anywhere in the world. That is the business of refining. We have done nothing to sabotage any domestic refinery,” Kyari stated.
According to the GCEO, the law on domestic crude oil supply obligations was clear on providing for local refineries.
Kyari maintained that the same law also said that there must be a willing buyer and a willing seller.
On the alleged importation of substandard products into the country, Kyari said the NNPC Limited align with relevant regulatory agencies and not to allow any substandard product into the country.
He explained that there was enough infrastructure to produce two million barrels of crude per day, but the challenges of crude oil theft, pipeline vandalism, and the absence of investment in the upstream are the major factors hindering the sector.
The NNPCL and Nigeria Midstream Downstream Petroleum Regulatory Authority (NMDPRA) had come under criticism following the allegation of sabotage by the Chairman of Dangote Industries, Aliko Dangote.
