Federal Government, NNPC to Establish New Gas Company, Inject 20 Million Cylinders in 5 Years
- The Nigerian government, in collaboration with the Nigeria National Petroleum Company, want to establish a gas funding company
- The company would also distribute about 20 million gas cylinders in the next five years to aid a national gas access
- Mele Kyari said this at a recent summit in Abuja and stated that the programme is also in partnership with the Indian government.
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
The Nigeria National Petroleum Company Limited is collaborating with the federal government via the Office of the Vice President on establishing Gas Funding Company Limited to inject 20 million cylinders in the next five years.
According to the NNPC, the company's founding involves collaboration with other essential stakeholders under the Marketer Cylinder Owned Model, which would boost liquified petroleum gas limited (LPG) access.
Source: Getty Images
Nigeria to benefit from the Indian examples
Read also
ASUU strike: Labour Party spokesman says Peter Obi can resolve lecturers demand in 24 hours
Reports by the News Agency of Nigeria (NAN) on Wednesday, September 28, 2022, said that NNPC Cheif Executive Officer Mele Kyari stated this at the opening of the India-Nigeria Liquefied Petroleum Gas (LPG Summit) in Abuja.
PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates!
Kyari stated that the summit would present description reports on gaps identified and advice on best practices from the Indian experience and examples to help achieve swift national LPG access.
The NNPC boss said the forum would also discuss the Nigerian and Indian examples covering safe LPG handling, pricing and financing.
Kyari noted that it would enhance LPG affordability among the poor, communicate strategies, ICT and infrastructure, and collaboration on cylinder management and manufacturing.
NNPC now the largest gas-producing company
He said Nigeria had identified its abundant gas resources as fuel for an energy transition which necessitated its net zero commitments for 2060 and the declaration of 2021-2030 as a Decade of Gas.
Kyari had said that NNPC is now the world's largest gas-producing company.
The NNPC chief said that the company is working on a platform that would create a hub of gas industries that would potentially condense gas and deliver it to the masses.
NNPC is now Nigeria’s biggest company by shares capital as it enters a new era after 44 years
Legit.ng reported that President Muhammdu Buhari will Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company. NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.
This means that the general public can now buy and sell NNPC shares, but not yet.
NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.
Source: Legit.ng
