NNPC’s Petroleum Industry Act (PIA) Transition Committee was charged to hit the ground running to ensure a seamless transformation of the organisation from a Corporation into a world class energy company.
GMD/CEO, Malam Mele Kyari, gave the charge while inaugurating the committee at the NNPC Towers, noting that there was no time to waste as things were changing rapidly in the nation’s oil and gas industry.
The GMD stated that the inauguration was a milestone for the NNPC as it transits into a global International Oil Company (IOC) driven by growth, profitability and performance excellence.
He said the enactment of the PIA means that for the first time since the 1967 Petroleum Act, the Nigerian Oil & Gas Industry would have a legislative framework within which it would prosper and deliver value to Nigerians.
Describing the resultant effect of the PIA implementation as massive, Kyari said as a company governed by the Company & Allied Matters Act (CAMA) principles, there would be no room for non-performance.
He said the PIA is about reforming the National Oil Company (NOC) and as the CEO, he was committed to ensuring that the transition committee delivered on its mandate.
The Transition Committee has 18 months to deliver on the assignment.
Meanwhile, the NNPC Ltd has urged the public not to engage in panic buying of petroleum products as the Company had sufficient stock of the products that would last the festive period and beyond.
The Company said it was engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country.
Mr Ishaku Abdullahi, Managing Director of Petroleum Products Marketing Company (PPMC), the downstream entity of the NNPC, speaks on efforts to ensure seamless nationwide supply and distribution of petroleum products.
