The Group Managing director, Nigerian National Petroleum Corporation Engr. Andrew Yakubu, has reiterated the support of the corporation to the Petroleum Industry Bill PIB as it will promote transparency and accountability in the oil sector.
Engr. Yakubu stated this yesterday in Lagos at the National association of Energy correspondent conference with the theme “PIB: Harmonisation and implementation for economy growths” , he said that position of NNPC on the PIB is in tandem with its operation which is driven to make the corporation a profit driven entity with a level playing field in the sector.
The NNPC boss who was represented at the event by Dr. Mazadu Bako, GM NAPIMS, said that one of the many challenges in the industry today arises from the consensus on the PIB which has been in the national assembly for several years.
Speaking further, he said it is apt and timely for the industry to work together to appropriate modalities to arrive at a consensus on the PIB.
He however lamented the activities of pipeline vandals’ constant threat to stable supply of petroleum products across the country which has led to loss of financial resources, loss of men and material to their activities.
Also speaking the Minister of power, Prof. Chinedu Nebo who was represented by , Managing Director, Eko Electricity Distribution company, Engr. Oladele Amoda said that the gas pipeline vandals is setting the power sector back which was the result of the recent drop in power from 4000 megawatts to less than 3000 megawatts.
He however said that efforts are on ground towards restoring the power which has been raised to about 3600 megawatts.