I saved Corporation over $3bn from arbitration, says Kyari, NNPC Boss



The  Group Managing Director of Nigerian National Petroleum Corporation (NNPC Mele Kyari, who was appointed on July 7, 2019, has said that saving the Corporation over $3 billion from arbitrations held against the Corporation is one his  biggest achievements.

Mallam Kyari dropped the hint Tuesday in Abuja when he engaged staff of the Corporation in a Town Hall meeting where he presented his performance scorecard covering the period from his appointment in July, 2019 till date.

According to him, his achievements include, the attainment of over 2 billion litres of Premium Motor Spirit (PMS) reserve, completion of Phase1 of Port Harcourt Refinery rehabilitation exercise, discovery of oil in Kolmani River-II Well and the re-opening of OML 25 flow station after two years of inactivity as a result of community issues between the host community/Belema Oil and Shell Petroleum Development Company.

Other achievements include the signing of the novation agreement with Nigerian Agip Oil Company (NAOC) to formalize the transfer of OMLs 60, 61 and 63 to the Nigerian Petroleum Development Company (NPDC), the execution of a funding, technical services agreement and alternative financing deal worth USD 3.15 billion for OML 13 and $876 million for OML 65.

Kyari also said his five month old administration at the NNPC Towers saw the signing of $2.5billion prepayment agreement with Nigerian Liquefied Natural Gas Limited (NLNG) for upstream gas supply for trains 1-6, finalization of the 2018 audit of the NNPC Group and improved engagement with key stakeholders, notably, the National Assembly.

The NNPC commended the Corporation’s workforce for dedication and constructive feedbacks which, he said had gone a long way in shaping the successes recorded thus far. He urged the Corporation’s workforce to redouble their efforts to ensure that the nation reaps bountifully from its vast hydrocarbon resources which the national oil company has the mandate to superintend.

Kyari said it was imperative for the Corporation to increase its level of efficiency, reduce cost and increase revenue across value chain of its businesses within the shortest possible period. He seized the opportunity of the event to update members of staff on the recent NNPC top management retreat, which prescribed a five-step approach for the corporation to attain global excellence via the TAPE agenda (Transparency, Accountability and Performance Excellence).

He listed the steps to include: well defined processes benchmarked to world-class oil & gas company requirements, right cost structure that guarantees value realization and profitability, goals, priorities and performance guarantee, suitable governance structure for strategic business units and entrenching team work and collaboration with all key stakeholders.

During the event yesterday, the GMD also launched the banners of the corporation’s downstream company, the NNPC Retail Limited, with a view to positioning the company as a market leader in the products distribution subsector in the country 

credit: Orientenergyreview.com
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