The Managing Director of the Nigerian independent Petroleum Company Plc (NIPCO), Mr Venkataraman Venkatapathy has observed that one of the main challenges that plagued the downstream sector is the issue of subsidy payment to marketers on Premium Motor Spirit imports.
Venkatapathy made the observation while speaking on the sidelines at the company’s 11th Annual General Meeting held at the Transcorp Hotel, Abuja.
According to him, The outstanding payments with regards to premium motor spirit (PMS) importations by marketers is seriously eroding into the operating results of the companies in the sector.
He said that the Petroleum industry which remains the mainstay of the nation’s economy and the highest contributor to national revenue have had its fortunes marred by plethora of challenges.
According to him, there are also concerns about the effects of shale oil on the falling Crude Oil prices which also have its negative effects on the value of the national currency.
He noted that despite the challenges, the company was able to put a transformation agenda in place to ensure that organization remains committed to meeting the needs of its stakeholders.
“ Our services are second to none as we continue to store petroleum products in an environment that is friendly ,safe and dignifying in line with our corporate vision “ ,Venkatapathy stated .
The company ,he said improved on its operational efficiency ,optimum capacity utilization and enhanced sales even as new business lines and processes are were developed .
According to him , Nipco’s passion for safety continued to pay off and earned her scores of recognitions ,the most recent being Nigerian Ports Authority ;NPA] Best HSE compliant terminal award for the fourth consecutive year.
The Nipco CEO asserted that 2015 will bring its own challenges but we shall remain focussed to the vision and work to make the best out of the year.
“ We will continue to lay emphasis on what we can control ;providing our customers with the best in the market ;managing our costs ;strengthening our brand and doing our part to move the economy forward ” ,he declared
Mr Venkatapathy asserted that the company’s operations will continue to be in tandem with international best practices with our integrity intact and unassailable stressing that this focus will no doubt ,propel her to exceptional performance in 2015 .
He appreciated the company’s shareholders for their unqualified support which had given the firm great impetus to aim high and work harder in the quest to take the organization to greater heights.