Home Business Report: NNPC to build fertilizer, power plants

Report: NNPC to build fertilizer, power plants

- Advertisement -

Information disclose how the Nigerian National Petroleum Corporation (NNPC) plans to build additional Independent Power Plants (IPP) in Abuja, Kaduna, and Kano which is expected to add 4,0000 megawatts of power to stabilise the national grid.

It also disclosed that it would establish a fertilizer project in Brass, Bayelsa State.

- Advertisement -

Chief Financial Officer of NNPC and Chairman of the Board of NNPC Power subsidiary, Gas and Power Investment Company (GPIC), Mr. Isiaka Abdulrazaq, said this at the inaugural board meeting of GPIC at the NNPC Towers in Abuja.

A release by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in Abuja said the GPIC was established as a subsidiary under the Gas and Power Directorate to enable the corporation monetise the abundant gas resources in the country for the benefit of the nation’s economy.

Abdulrazaq said the GPIC was a very strategic company through which the NNPC would create more value for the country, stressing that by the time the IPPs came on stream in Abuja, Kaduna and Kano, the Small Medium Enterprises (SMEs) in the areas would be better for it.

“The Gas and Power Investment Company Limited (GPIC) is a company which the NNPC has set up basically to focus on how it can create value and monetize the nation’s abundant gas resources. The company will also be focused on developing power stations, fertilizer plants as well as petrochemical plants across the states,” Abdulrazaq noted.

He added that NNPC had set up the board to enable the company to achieve its set targets within a very short period of time, saying the board meeting had mapped out strategies to properly guide the company to enable its Key Performance Indicators (KPI).

He said the setting up of the company would add value in terms of payment of taxes and generating more revenue for the Country, stressing that the company and all the IPPs that would emanate from it would also generate more job opportunities for Nigerians.

Mr. Abdulrazaq stated that Fertilizer Project in Brass, Bayelsa State would produce fertilizer to boost agriculture in the South-South and other regions of the Country.

Speaking in similar vein, the Chief Operating Officer, Gas and Power, Engr. Saidu Mohammed, stated that the coming on stream of GPIC would help the NNPC transform into an integrated energy company with the production of 4,000 megawatts of power at strategic locations.

Mohammed disclosed that all relevant stakeholders in the power sector were in alignment with the NNPC with the establishment of the GPIC.

alltechng
Technology is making life more meaningful, improves productivity... We are tech lovers...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Where are they transporting Samsung Galaxy A51 to this month

Samsung’s Galaxy A51 has been rumored to hit Indian shores for a while now and we finally got a release date to look forward to. Thanks...

List of iPadOS 14 expected device

New rumor speculates that iPadOS 14 will cut two devices from its support list with the iPad mini 4 and iPad Air 2 being...

List of iOS 14 expected device

Now, a new report claims that the upcoming version of iOS will come to all the previously supported devices including the almost five-year-old iPhone...

iOS 14 to support all devices

Apple’s iOS 14 isn’t due before the company’s annual WWDC in June but that hasn’t stopped the first set of rumors from popping up....

Redmi smart watch Vs Smart band

The first Redmi smartwatch has received BIS certification in India. Or is it Redmi’s first smart band? The main brand, Xiaomi, launched the Watch...