The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has recently in a media briefing refuted the claim that directed the Nigerian National Petroleum Company (NNPC) Limited to seize operating the four nation’s refineries and channel its resources basically on joint venture partnerships with private refineries.

“My attention has been drawn to statements made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, represented me at a recent conference in Lagos.

“I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its refineries and focus solely on equity participation in other refineries is false,” Sen. Lokpobiri stated.

Delving further by clarifying the autonomy of the company as a corporate organization of which his sole decision is not sacrosanct as the NNPC has a functional board where all-encompassing policies are being taken  

“It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining,” he said.

“We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies,” Lokpobiri Added.

However, the Honorable minister reiterated his support for an independent NNPC and full deregulation of the downstream sector noting that these enablers are poised to reposition the corporation to compete favourably with its peers in a global energy market with the best international standards for efficiency, transparency, and profitability.