The board of Greenfield Refinery Limited (NGRL), its subsidiary established to oversee the establishment and operation of new refineries has been inaugurated by the Nigerian National Petroleum Corporation (NNPC).
The new board members were sworn-in on Thursday by the group managing director of the corporation, Mele Kyari in Abuja.
This was contained in a statement released by the group general manager, group public affairs division, Garba Muhammad.
Kyari charged the new board to perform their duties and deliver results.
Kyari, who doubles as chairman of the NGRL board, challenged members of the board to focus on profitability in order to remain afloat and avoid liquidation.
He urged the board to explore options in ending the problem of petroleum products importation.
“As a business, this is a big opportunity for us and this company’s balance sheet must change positively,” he said.
“Going forward, with the Petroleum Industry Act (PIA), I can tell you that if you continue to post negative for three years, you are out. So, there is really no excuse.”
Kyari urged the board and management team of the new company to set up a proper structure with the required skills, technology and finance to drive the company’s operations, adding that he is optimistic that the company would be able to achieve its mandate.
“Our company must grow and we can’t do well except we are able to process our production, whether it is the liquid or gas,” he added.
“If we don’t monetise it then we have done nothing. This is really a new chapter and we are committed to making it work.”
The NNPC GMD noted that all the corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy and security for the country.
In his remarks, Mustapha Yakubu, alternate chairman of the board and group executive director, refinery and petrochemicals, said the operations of the company would be guided by the principles of cost effectiveness in line with the new Act, noting that profitability would be the key focus.
Speaking at the event, Bege Talson, group general manager, Greenfield Refineries and Project Division (GRPD) and managing director of the NGRL, disclosed that the division is working with third party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000 barrels per stream day.
Other members of the board include: Umar Ajiya, group executive director, finance and accounts; Oluwaseyi Omotowa, managing director of the Nigerian Gas Company (NGC); and Elizabeth Aliyuda, managing director of NNPC Retail.
Other members include Muhammad Ali-Zarah, managing director of the Nigerian Petroleum Development Company (NPDC); and Tolulope Olubommo, who is to act as company secretary and legal adviser.