Current news on nnpc

Here are some current news updates on the Nigerian National Petroleum Corporation (NNPC):

Recent Developments:

  1. NNPC Records N665.8 Billion Profit in 2020: The NNPC has announced a profit of N665.8 billion for the year 2020, a significant increase from the N212.8 billion recorded in 2019. The corporation attributed the increase to improved crude oil prices and increased revenue from its downstream operations. (Source: Vanguard News)
  2. NNPC to Invest N1.5 Trillion in New Projects: The NNPC has announced plans to invest N1.5 trillion in new projects in the next three years, aimed at increasing the country's oil production capacity and improving the efficiency of its operations. The projects include the development of new oil fields, upgrading of existing infrastructure, and the construction of new refineries. (Source: ThisDay Live)
  3. NNPC to Partner with International Oil Companies (IOCs) on New Projects: The NNPC has announced plans to partner with IOCs on new projects, including the development of new oil fields and the construction of new refineries. The partnership is aimed at increasing the country's oil production capacity and improving the efficiency of its operations. (Source: The Guardian Nigeria)
  4. NNPC to Increase Gas Supply to Power Sector: The NNPC has announced plans to increase gas supply to the power sector, aimed at improving power generation and distribution in the country. The corporation has signed agreements with gas producers to increase gas supply to the power sector by 2025. (Source: Leadership Newspaper)
  5. NNPC to Implement New Fuel Pricing Regime: The NNPC has announced plans to implement a new fuel pricing regime, aimed at reducing the cost of fuel and improving the efficiency of its operations. The new regime is expected to come into effect in the next few weeks. (Source: Daily Trust)

Challenges:

  1. Fuel Scarcity: Despite the increase in fuel supply, fuel scarcity remains a major challenge in the country. The NNPC has attributed the scarcity to a combination of factors, including pipeline vandalism, theft, and hoarding. (Source: Punch Newspaper)
  2. Infrastructure Challenges: The NNPC has identified infrastructure challenges as a major obstacle to its operations. The corporation has called for increased investment in infrastructure, including pipelines, refineries, and storage facilities. (Source: The Nation Newspaper)
  3. Corruption: The NNPC has been plagued by corruption allegations, including allegations of mismanagement of funds and corruption by some of its officials. The corporation has promised to take steps to address these allegations and improve transparency and accountability. (Source: Premium Times)

Reforms:

  1. Privatization of Refineries: The NNPC has announced plans to privatize its refineries, aimed at increasing efficiency and reducing costs. The corporation has invited bids from private companies to take over the management of its refineries. (Source: BusinessDay)
  2. Deregulation of Downstream Sector: The NNPC has announced plans to deregulate the downstream sector, aimed at increasing competition and reducing prices. The corporation has called for the removal of subsidies and the introduction of a market-based pricing regime. (Source: The Punch)
  3. Increased Transparency: The NNPC has promised to increase transparency in its operations, including the publication of its financial statements and the disclosure of its transactions. The corporation has also established a whistleblower policy to encourage reporting of corruption and other irregularities. (Source: ThisDay Live)

I hope this information is helpful. Let me know if you have any further questions!