MELE KYARI: Fuel Subsidy is a Misallocation of Resources, Benefitting the Rich via thisdaylive
Early this month, Mr. Mele Kolo Kyari, geologist, crude oil marketer and the 19th Group Managing Director of the Nigeria National Petroleum Corporation clocked one year in the saddle. Since his appointment in July 2019, Kyari has breathed some fresh air and transparency to the otherwise opaque operations of the national oil company. In the last several months, he has built a reputation of a plain talker and straight shooter, who is blunt to the point on issues challenging his sector.
With the current unstable oil price, is the NNPC planning to diversify by focusing on gas to industries development? Is NNPC planning to form a joint venture in the refinery management to increase performance efficiency? Do you have a funding alternative for the upstream projects to JV cash calls considering NNPC’s dwindling revenueThe simple answer is yes. We have a number of alternative funding options in the industry. In the JV particularly, we have different carry arrangement, banks and other financial institution debt instruments and variants in addition to the equity finance through cash call.
We are moving beyond Train 7; the goal is to quickly get back to the table with partners and develop additional trains within the shortest possible time. We don’t plan to go on another investment hiatus. The position of Nigeria in the global LNG market is threatened, we continue to drop in global ranking, currently 5th largest LNG exporter contributing six per cent of the global LNG Trade.
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