The group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has disclosed that it is planning to build more depots across the country to enable Nigerians have access to the petroleum products.
Dr. Baru who disclosed this Monday in Abuja while inaugurating the board of one of its downstream Companies, NNPC Retail limited, said the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country.
The NNPC helmsman who charged the members of the board to expand the company’s market share from 13 to 30 per cent said building more depots by the corporation was more feasible than acquiring dormant ones.
He lauded NNPC Retail for its strong intervention to wet the market at a time when other downstream players were playing underhand games to create artificial scarcity.
The GMD tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, adding: “By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height’’.
On diversification and backward integration, the GMD directed the company to venture into lubricants production, marine and industrial services to boost its revenue profile as it was an line with our quest as an integrated oil company
Responding, Chairman of the board and Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, said as an NNPC-owned company, the watch word for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive”.
He pledged the commitment of the board and management of the company to the attainment of the goals of the corporation.