See me..........
Minister of State for Petroleum Resources, Ibe
Kachikwu, today said the lingering fuel scarcity
may persist for two more months as oil
produced in the refineries would not be sold but
kept in a “strategic reserve”. Kachikwu said this
while speaking to newsmen after a meeting with
President Buhari, members of the National Union
of Petroleum and Natural Gas Workers
(NUPENG) and Petroleum and Natural Gas
Senior Staff Association of Nigeria
(PENGASSAN) at the state house Abuja.
“One of the trainings I did not receive is
that of a magician, but I am working very
hard to ensure some of these issues go
away. And let’s be honest, for the five or
six months we have been here, NNPC has
moved from a 50 per cent importer of
products to basically a 100 per cent
importer. And the 445,000 barrels that
were allocated was to cover between 50
and 55 percent importation. So it is quite
frankly sheer magic that we even have
the amount of product at the stations.
We are looking to see how to get foreign
exchange input. The president and I
discussed extensively on how to get more
crude directed at importation. His
Excellency will rather have less crude but
have individuals in the society suffer less
with inconveniences than have more
crude and have them continue to suffer.
So we are going to put a new model to
enable us increase the pace and actually
get (oil) majors as part of the crew of
those to bring in more products so that
the NNPC will sort of go back to the
capacity of what it used to do and the
majors will take over the balance of
importation. So over the next two
months, we should see quite frankly a
complete elimination of this. Our strategy
is that whatever is produced in the
refineries will not go for sale, we are
going to keep them in strategic reserve.
Because the key problem here is that
there is no reserve. Any time there is a
gap in supply, it goes off. So we are
going to dedicate the next couple of
months to moving all the products that
we produce to strategic reserve so that
we can pile up reserves in the nation and
that will push up the reserves in the
nation. Believe me, this is giving me and
my team sleepless nights and we are
working on it and we are committed to
making this go away, Nigerians should
please bear with us"he said.
Minister of State for Petroleum Resources, Ibe
Kachikwu, today said the lingering fuel scarcity
may persist for two more months as oil
produced in the refineries would not be sold but
kept in a “strategic reserve”. Kachikwu said this
while speaking to newsmen after a meeting with
President Buhari, members of the National Union
of Petroleum and Natural Gas Workers
(NUPENG) and Petroleum and Natural Gas
Senior Staff Association of Nigeria
(PENGASSAN) at the state house Abuja.
“One of the trainings I did not receive is
that of a magician, but I am working very
hard to ensure some of these issues go
away. And let’s be honest, for the five or
six months we have been here, NNPC has
moved from a 50 per cent importer of
products to basically a 100 per cent
importer. And the 445,000 barrels that
were allocated was to cover between 50
and 55 percent importation. So it is quite
frankly sheer magic that we even have
the amount of product at the stations.
We are looking to see how to get foreign
exchange input. The president and I
discussed extensively on how to get more
crude directed at importation. His
Excellency will rather have less crude but
have individuals in the society suffer less
with inconveniences than have more
crude and have them continue to suffer.
So we are going to put a new model to
enable us increase the pace and actually
get (oil) majors as part of the crew of
those to bring in more products so that
the NNPC will sort of go back to the
capacity of what it used to do and the
majors will take over the balance of
importation. So over the next two
months, we should see quite frankly a
complete elimination of this. Our strategy
is that whatever is produced in the
refineries will not go for sale, we are
going to keep them in strategic reserve.
Because the key problem here is that
there is no reserve. Any time there is a
gap in supply, it goes off. So we are
going to dedicate the next couple of
months to moving all the products that
we produce to strategic reserve so that
we can pile up reserves in the nation and
that will push up the reserves in the
nation. Believe me, this is giving me and
my team sleepless nights and we are
working on it and we are committed to
making this go away, Nigerians should
please bear with us"he said.
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