Mr Olufemi Soneye, new NNPCL spokesperson
Cost-effective financing propels ongoing revamp of depots, pipelines — Soneye
The Chief Corporate Communications Officer (CCCO) of the Nigerian National Petroleum Company Limited (NNPCL), Olufemi Soneye, has stated that the company has commenced rehabilitation of pipelines and depots to strengthen the country’s energy infrastructure for long term benefits.
He stated this in an interview on Sunday, noting that the ongoing rehabilitation project, which is expected to be completed within 2 to 3 years, would resolve longstanding challenges in petroleum distribution.
Soneye further explained that upon completion, Nigeria will achieve sustainable crude oil supply to refineries, seamless product distribution through pipelines, reduced reliance on trucks, improved energy security and reduced fuel importation, lower transportation costs and reduced road hazards caused by fuel tankers.
In his words: “We can assure Nigerians that NNPC’s pipeline and depot rehabilitation project is With a structured financial model, strategic partnerships, and committed execution, the initiative is set to resolve longstanding challenges in petroleum supply and strengthen the country’s energy infrastructure for the long term.”
He continued that though there are limited financial resources, which continues to pose a challenge in executing both refinery and pipeline rehabilitation projects simultaneously, “we are exploring creative and innovative approaches to ensure a cost-effective funding model to proceed with the pipeline and depot rehabilitation.”
The company, Soneye acknowledged, has already designed a robust rehabilitation plan for the pipelines and depots, and would be deploying a new financial model – Finance, Build Operate and Transfer (FBOT) approach,” he stated.
Speaking further, he noted that apart from the fact that the ongoing activities won’t be limited to the construction of new crude oil and product pipelines to replace obsolete ones, he opined that advanced technology would be provided to enhance pipeline security, prevent vandalism and rehabilitation and modernization of storage terminals to support.
According to him, the NNPCL is working towards transforming Nigeria into a self-sufficient producer and net exporter of refined petroleum products and the very first step in that direction is the successful rehabilitation work that has birthed the renewed operations of the Port Harcourt and Warri refineries.
“The rehabilitation and upgrade of the Old Port Harcourt and Warri Refineries by the end of 2024 marked a significant milestone in this journey. And, as you know, work on the new Port Harcourt and Kaduna refineries is at advanced stages, reinforcing the commitment to eliminating fuel importation,” he stated.
