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Market Digest Nigeria

Economy

NIPCO gas investment is commendable

The Minister of State, Petroleum Resources, Timipre Sylva, has commended the Nigerian Independent Petroleum Company’s (NIPCO Plc’s) commitment to the development of infrastructure to enhance the utilisation of the nation’s gas resources.

nipco

Sylva stated this when he visited  NIPCO  exhibition stand at the just-concluded National Gas Expansion Programme (NGEP) Consultative Forum hosted by the Imo State Government, in collaboration with the Federal Ministry of Petroleum Resources, in Owerri, the Imo State capital.

The minister, who was received at the stand by the Assistant General Manager, Corporate Affairs of NIPCO Plc, Lawal Taofeek, expressed delight at the resources the company has invested in the gas sector aside the impact it has made in the white products retail business.

He acknowledged NIPCO’s support for his ministry’s initiative to encourage a timely switch to gas as a viable alternative energy source in the country being championed by the National Gas Expansion Programme (NGEP), adding that the NGEP would impact positively on the economy.

Receiving the minister and his entourage, which included the Speaker, Imo State House of Assembly, Paul Emeziem, Lawal recalled the enormous support received from the former Minister of Energy, Edward Daukoru.

Daukoru, he said, played a significant role in the emergence of NIPCO as one of the three firms granted licences to develop Compressed Natural Gas (CNG) infrastructures and gas dispensing outlets  to enable motorists have alternative energy sources apart from white products in 2009. This, he recalled, resulted in the company’s inauguration of eight CNG stations in Benin, Edo State and Ibafo, Ogun State and establishment of the biggest gas compression plant in West Africa in Ogun State.

According to  Lawal, NIPCO’s intervention in the gas sector also birthed the construction of about 10,500 MT LPG storage facility. He said since the inauguration of NGEP in January, last year, the company has keyed into the project and determined to offer support to enhance massive switch to gas as energy source for vehicles and industrial concerns. In the realm of LPG as domestic cooking fuel, he informed that the company had last year launched an LPG skid expansion scheme requesting partnership with persons and families with virgin lands for long lease or outright sales to develop and install skids in conformity with DPR regulations.

The scheme, he further enunciated, offers veritable opportunity for deepening LPG use across the country through access to the product especially in residential areas and at competitive rates. According to him, the scheme, which has received tremendous support across the country, has boosted NIPCO’s LPG footprints in over 18 states and the Federal Capital Territory.

The Chairman, NGEP Committee, Dr Mohammed Ibrahim, commended NIPCO for its impact in the gas sector, saying the company offers renewed hope in harnessing the nation’s gas potential.  He said as the preferred global energy source, Nigeria cannot afford to wait any longer to derive the inherent benefits of the impending gas revolution over fossil fuels.

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