NNPC Rakes in $3bn from Fresh Arbitrations

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SWITZERLAND, NOVEMBER 06 – Nigerian National Petroleum Corporation (NNPC) on Tuesday said over $3 billion has been conserved from fresh arbitration.

Mele Kolo Kyari, the group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), says the corporation saved more than $3 billion from arbitrations.

According to a statement signed by Samson Makoji, the acting spokesman for the corporation, in Abuja on Tuesday, the GMD spoke during a town hall meeting with the corporation’s outstation staff.

He commended the management of the corporation’s legal division for the savings, saying due diligence accounted for the feat.

Kyari urged the corporation’s workforce to redouble their efforts to ensure that the nation reaped bountifully from its vast hydrocarbon resources which NNPC has the mandate to superintend.

He added that it was imperative for the corporation to increase its level of efficiency, reduce cost and increase revenue across the value chain of its businesses within the shortest possible period.

He listed some of the achievements recorded within the short period of his tenure to include the attainment of over two billion litres of premium motor spirit reserve and completion of phase one of Port Harcourt refinery rehabilitation.

Others, he noted, include the discovery of oil in Kolmani River-II Well and the re-opening of OML 25 flow station after two years of inactivity as a result of issues between the host community/Belema Oil and Shell Petroleum Development Company.

Our achievements also include “signing of novation agreement with Nigerian Agip Oil Company (NAOC) to formalise the transfer of OMLs 60, 61 and 63 to the Nigerian Petroleum Development Company (NPDC).

The GMD also launched the banners of the corporation’s downstream company, the NNPC Retail Limited, with a view to positioning the company as a market leader in the products distribution subsector in the country.

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