Product importation continues until..., says NNPC

10.02.2008

“The re-streamed WRPC is producing at 60 per cent, even though it promises to step up production with time.

“Hopefully, in about two or three weeks, the KRPC will also come on stream and more product will be available,’’ Ajuonuma said.

He said that the importation would bridge the gap between local production and national demand.

The spokesman said that many licenses issued for new refineries were yet to be utilised. He said that most of the prospective developers were still searching for investors, technical partners and financiers.

Ajuonuma said that adequate planning and a huge financial outlay were required to start and complete a refinery. On the NNPC finances, he explained that there was a legal reason for the corporation not to disclose its funds to the National Assembly for scrutiny.

“The NNPC Act supports it, and besides, NNPC is protected as a corporate entity. “But, the NNPC’s upstream operations and Joint Venture Companies (JVCs) accounts are open to scrutiny.

“It is important here to note that NNPC accounting records are always audited yearly, and that of 2006 is ready,’’ Ajuonuma said.

He said that the decision to publish the account in full or abridged depended on the Group Managing Director.