NIPCO operations excite Downstream Committee Chairman, drums support for deregulation

By our Correspondent

The Chairman, House of Representatives Committee on Downstream Sector, Hon. Joseph Akinlaja has lauded the seamless operation of Nipco terminal in the petroleum products storage and distribution across the nation even as he drums support for deregulation of the sector.

Hon Akinlaja who gave the commendation during a courtesy visit to the company said the level of automation is wonderful couple with an   exemplary   housekeeping.

“What I have seen here today is akin to what operates in developed countries of the world that I have been privileged to visit in my over 35 years experience   in the oil and gas industry “ Hon Akinlaja declared .

He noted that the terminal is world class by any indices with an unequalled contribution by any indigenous operator and has remained a pacesetter in the industry especially taking into consideration its pioneering efforts in the realm of promoting cleaner energy with natural gas.

The Downstream Committee chairman in the green chamber said the contribution of the company especially in the fuel scarcity period has gone to confirm the dream of the promoters to propel the organization to be a reliable partner in fuelling the nation.

According to him, the company had not only come to the aid of the nation through its thru –put for the Nigeria National Petroleum Corporation [NNPC] but had also gone ahead to import petroleum products to meet the nations fuel needs.

He, however, maintained that the solution to the frequent fuel scarcity in the country is deregulation of the downstream sector, a feat that will not only give equal opportunity to all operators but also allow market forces to guide the sector.

Akinlaja said regulation in a society that is not well disciplined will continue to breed corruption as the common man which the policy seems to protect may be worse off at the end of the day

While commending the numerous contribution of the company either informs of additional investment or social support through its plethora of corporate social responsibility, Hon. Akinlaja enjoined Nipco to continue to keep up the memento in the overall interest of the hydrocarbon industry.

The Downstream Committee chairman explained that as someone who was part of the conception of the company, he feels fulfilled with the accomplishments of the organization in barely twelve years of operations.

In his remarks, Managing Director, Nipco plc, Venkataraman Venkatapathy said the company will continue to support government to achieve meaningful growth in the oil industry as the main stay of the nation’s economy.

“We remain very resolute about the resilience of the Nigerian economy and the ample opportunities therein which we hope to continuously be part of for a very long time “he declared.

According to him, the great upbeat in the nation’s economy explained the increase in the level of investment by the company in the realm of natural gas utilization either as Liquefied Natural Gas or as Compressed Natural Gas for powering of vehicles and machines.