KYARI CONTINUES NNPC BUSINESS RESTRUCTURING… AS NNPC FULLY RESOLVES $2.4BN CASH CALL DEBT
As NNPC, Africa’s largest energy company continues repositioning for profitability and growth in line with the deregulation of Nigeria’s petroleum industry under the PIA, Mele Kyari, its Group CEO has revealed that NNPC has successfully resolved its enduring cash-call debt of $2.4 billion to the International Oil Companies operating within the nation.
According to Kyari, NNPC Ltd is now free of any outstanding debts, noting that this significant milestone was reached after all subsidies were completely eliminated.
He said, “As professionals, just know that PMS is a major distraction to the upstream, we transfer all our resources, and cash flow to ensure that it survives and is sustained. That’s why sometimes we default in our cash flows, it is because of the distraction this has (PMS subsidies) caused NNPC as a partner. Now that distraction is gone, you will confirm that we don’t owe any cash flow, and for us to sustain this, those distractions must go away so that this industry can now produce the energy that this country needs sustainably and affordably.”
The GCEO also guaranteed that in the first half of 2025, the nation will be equipped with 12 CNG mother stations.
“By quarter one of 2025, there will be at least 12 mother stations that will be available for CNG, and not only that, we are also building a mini Liquefied Natural Gas plant that will deliver gas into the market and also sustain the quality of CNG delivery and make gas available to mini power plants across this industry in the short term.”