After Making Highest Profit in History, NNPC’s Subsidiary Moves to Build Gas Stations Nationwide
- NIPCO Plc has disclosed plans to build CNG stations and lay gas pipelines across the country
- The spokesman for NIPCP, Lawal Taofeek, disclosed this and said the company had invested N100 billion in the project
- He said NIPCO’s efforts in CNG made NNPC sign a partnership agreement with NIPCO Gas Limited to build 35 stations
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Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
NIPCO Plc, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has invested over N100 billion to lay pipelines for easy access to compressed natural gas from existing major trunks across its operating states and to build CNG stations across Nigeria.
According to the Assistant General Manager of Corporate Affairs of NIPCO, Lawal Taofeek, the company began the CNG business in Edo state in 2009.
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NIPCO invests N100 billion in gas infrastructure
Punch reports that Taofeek disclosed that NIPCO had invested N100 billion to lay pipelines for easy access to gas from its operating states while inaugurating CNG stations in Kubwa, Abuja.
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He revealed that NIPCO has three CNG mother stations in Ibafo, Benin, and Oron to service daughter stations in their neighbouring states.
NIPCO signs an agreement with NNPC on alternative fuel source
Taofeek said that a mother station is like a depot where cascades can be loaded to service-daughter sites.
He confirmed that NIPCO got about N25 billion from the Central Bank of Nigeria’s Gas Expansion Intervention Programme, saying that the company expanded on improving and inaugurating more CNG infrastructure like pipeline network, station construction, and workforce improvement.
Per Taofeek, NIPCO’s efforts in CNG made NNPC sign a partnership agreement with NIPCO Gas Limited to build 35 stations in Q3 of 2024 to provide alternatives to fuel to motorists.
NNPCL Makes highest ever profit in 47 years, opens up on Port Harcourt refinery, petrol price
Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) disclosed on Tuesday, January 9, 2024, that it made a profit of N2.548 trillion in 2022, describing it as the highest profit since it began operations 47 years ago.
The company is a state-owned oil corporation founded in 1977 and the largest holder in the Nigerian oil and gas industry. After Nigeria passed the Petroleum Industry Act by ex-President Muhammadu Buhari in August 2022, it began commercial operations.
The company is a state-owned oil corporation founded in 1977 and the largest holder in the Nigerian oil and gas industry. After Nigeria passed the Petroleum Industry Act by ex-President Muhammadu Buhari in August 2022, it began commercial operations.
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Source: Legit.ng
