The Nigerian National Petroleum Corporation, NNPC, says it has directed its downstream subsidiary, NNPC Retail Limited, to ensure growth in its market share of petroleum products distribution in the country to 30 percent by 2020.
Group Managing Director of the corporation, Dr. Maikanti Baru, gave the directive in Abuja during the unveiling of new logos for four of the oil firm’s downstream subsidiaries.
Baru noted that the target would enable efficient products distribution and price stability across every nook and cranny of the country.
Currently, the corporation’s downstream subsidiary holds about 14 percent market share of the country’s products distribution network.
He also revealed plans to expand its presence to other neighboring states in the West African sub-region.
Baru said the NNPC plans to strengthen its shipping outfit to support the downstream growth objectives of its subsidiaries, noting that the corporation would not relent until its shipping outfit becomes the partner of choice in the marine transportation and logistics business.
He added that the corporation was working tirelessly towards a Nigerian Pipeline and Storage Company, NPSC, that would brim with revamped infrastructure for efficient storage and distribution of petroleum products across Nigeria, thereby ensuring supply reliability and energy security.
Baru explained that the corporation was also committed to ensuring that the Petroleum Products Marketing Company, PPMC, as a flagship national products marketing company, become more profitable and crucial to meeting the country’s energy demands.
The Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977. In addition to its exploration activities, the Corporation has powers and operational interests in refining, petrochemicals and products transportation as well as marketing.