“For the first time, our refineries are ready now to work”

monjola sotubo

March 16, 2016 1:56 PM

Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said further that the corporation will begin to make profit in two to three months.

We will focus on price modulation, not subsidy removal – Kachikwu

Kachikwu, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said further that the corporation will begin to make profit in two to three months.

“All the changes that have happened so far, in case you do not know… but I’m sure you follow the numbers and the reports that we publish, but you’ve gone from an average deficit of over N30bn to 3 billion in a period of six months,” he said on Tuesday, March 15, 2016, according to The cable.

“If you continue on this tangent, this company should continue to show monthly profitability in two to three months. That would be dramatic, and that is even before we have even started – because we haven’t started.

“Look at the fact that with the removal or connivance on the removal of subsidy cost, you are saving the nation N1 trillion. For the first time this organisation is not worrying about where to get the next subsidy money or who is going to pay it.

“For the first time, our refineries are ready now to work. Crude has been pumped from Brass to Port Harcourt. Pipeline is being used for the first time in six years. For the first time we are able to pump to Ilorin, we have not done that in 10 years,” he added.

Kachikwu also said, during a recent media brief in Abuja, that Nigeria would soon begin to export refined petrol and petrochemical products.

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