The Nigerian National Petroleum Corporation (NNPC) is set to build additional Independent Power Plants (IPP) in Abuja, Kaduna and Kano which are expected to add 4,000 megawatts of power to stabilise the national grid.
According to Leadership, the NNPC also disclosed that it would construct a fertilizer plant in Brass, Bayelsa state.
The newspaper adds that the chief financial officer of NNPC and chairman of the Board of NNPC Power subsidiary, Gas and Power Investment Company (GPIC), Isiaka Abdulrazaq, stated this at the inaugural board meeting of GPIC at the NNPC Towers in Abuja.
The GPIC, according to a statement by NNPC spokesman, Ndu Ughamadu, was established as a subsidiary under the Gas and Power Directorate to enable the corporation monetize the abundant gas resources in the country for the benefit of the nation’s economy.
Abdulrazaq said the GPIC was a very strategic company through which the NNPC would create more value for the country, stressing that by the time the IPPs come on stream in Abuja, Kaduna and Kano, the Small and Medium Enterprises (SMEs) in the areas would be better for it.
Abdulrazaq said: “GPIC is a company which the NNPC has set up basically to focus on how it can create value and monetize the nation’s abundant gas resources. The company will also be focused on developing power stations, fertilizer plants as well as petrochemical plants across the states.”
He said the setting up of the company would add value in terms of payment of taxes and generating more revenue for the country.
He stated that the fertilizer project in Brass, Bayelsa state, would produce fertilizer to boost agriculture in the south-south and other regions of the country.
Meanwhile, Legit.ng previously reported that the NNPC said the re-election of President BuharI will help to facilitate the revamping of the nation’s refineries.
Ughamadu told newsmen in Abuja that the president had been supportive to the corporation.
“The re-election of President Buhari is a welcome development to the corporation. As the Minister of Petroleum he has been very supportive.
”His re-election means that more support will come for the work the corporation is doing.
“He has been very supportive with all the work going on in ensuring the revamping of the three refineries and has directed the corporation to ensure exploration of oil in the frontier inland basin,” he said.