The Nigerian National Petroleum Corporation, NNPC, has accepted to share its expertise and transformation initiative with Liberia.
This will help to turn around the country’s National Oil Company, NOCAL, Into a profitable asset.
On the strength of the cooperation the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari received a delegation from the National Oil Company of Liberia (NOCAL), led by the President and CEO of the Corporation, Saifuah-Mai Gray.
Both national oil companies’ representatives discussed the possibilities of collaboration between the two organizations in supporting NOCAL in capacity development and leveraging NNPC’s expertise across the entire oil and gas value chain.
The NNPC will play a vital role in helping NOCAL develop its potential in the oil and gas sector, with Nigerian company Gladius Commodities Limited playing a key role in the engagement.
Minister of State for Petroleum Resources, Timipre Sylva also justified the approval of $1.5 billion proposed for the rehabilitation of the Port Harcourt refinery. He stated that the intended rehabilitation will bring the refinery to at least 90% of former production levels in 18 months.
After the rehabilitation, the NNPC will neither operate nor manage the refinery; it will be done by private sector stakeholders. Minister Sylva stated that the entire sum needed for the rehabilitation will not be on loan.
The NNPC will use internally generated revenue, contributions from the Nigerian Petroleum Development Company Ltd and federal appropriation for financing the rehabilitation.
Only a tiny fraction will come from the African Export-Import Bank.