We’ll Not Sack NNPC Workers  Federal Government

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu

 
The Federal Government has promised that it will not cut down the staff strength of the Nigerian National Petroleum Corporation. 

 
The Federal Government noted that instead of reducing the number of workers at the NNPC, it would expand the operations of the national oil firm in order to make it globally competitive. 

 
The Minister of State for Petroleum Resources and Group Managing Director of the NNPC, Dr. Ibe Kachikwu, disclosed this to labour union leaders of the sector during a meeting with them in Abuja on Wednesday evening. 

 

Nigeria to Refocus on Renewable Energy – Kachikwu

Minister of State for Petroleum Resources and group managing director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, has emphasised the need for Nigeria to give serious consideration to renewable energy as the solution to its energy challenges.
 

According to a statement by the corporation’s group general manager, group public affairs division, Ohi Alegbe, the minister, while speaking during an interview on the sidelines of the World Future Energy Summit currently holding in Abu Dhabi, United Arab Emirates, acknowledged that crude oil and gas are exhaustible resources, noting that the way to make energy accessible to Nigerians in every nook and cranny of the country is the exploit of renewable energy sources.

UAE Counters Kachikwu’s Suggestion of OPEC Emergency Meeting

 
The United Arab Emirates moved to quash talk of a potential emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) after Nigeria’s oil minister said on Tuesday a “couple” of members had requested a gathering, Reuters reports.

Benchmark Brent crude futures slipped toward $30 a barrel to a near 12-year low before rising slightly on Tuesday and the Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu had told reporters on the sidelines of an energy conference in Abu Dhabi that an emergency meeting to review whether OPEC should change its strategy was on the cards.

Federal Government To Decide On Petrol Price In Jan., Says Kachikwu

Minister of State for Petroleum Dr. Emmanuel Ibe-Kachukwu yesterday made some clarifications about the Petroleum Subsidy Fund (PSF), otherwise known as petrol subsidy.

He said that there was no subsidy in the price of the Premium Motor Spirit (PMS).

Kachikwu, who is also the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), spoke to reporters after inspecting the Kaduna Refining and Petrochemical Company (KRPC) in Kaduna.

His clarification on the subsidy regime became necessary following stakeholders’ request, such as the Nigeria Labour Congress (NLC) and the Conference of Nigerian Political Parties (CNPP) that he provides an explanation with regards to reports that the government has deregulated the downstream petroleum sector and removed petrol subsidy.

Asked to say categorically whether subsidy has been removed or not since there is no provision for it in next year’s budget, the minister said: “Today, there is no subsidy; we are selling products at N87. In January, we will look at what the trend is, we will announce prices. If that is less than N87, we will announce it and if it is more than that, we will have to announce it. “

FG Working on New Models to Finance Oil Sector Operations – Kachikwu

The Federal Government stated, yesterday, that the country no longer has the resources to fund the oil and gas industry, and is therefore, considering and developing new models of financing the industry in the days ahead, Vanguard reports.

Speaking at a town hall meeting in Abuja, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said: “Financing is going to be a key component of our goal, because new models of financing would have to emerge. The country does not have the sort of resources to continue to fund the oil industry. As we go upstream, we are going to begin to see a lot of innovative financing mechanisms to provide funding for the oil industry.

Remove Fuel Subsidy in 2016  Kachikwu

The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, on Monday revealed that the federal government has concluded plans to remove the subsidy on fuel.

Kachukwu told the Senate/House of Reps joint committee on the Medium Term Expenditure Framework, MTEF, that the subsidy bill was “on the high side.”

He revealed that the country had spent an average of N1trillion per year on fuel subsidy in the last five years despite mounting debts and infrastructural deficit.

According to Kachikwu, “The total subsidy figure for 2015 when taken along with the NNPC will be in excess of N1 trillion. We can get this specifics but the point is largely that it does not involve NNPC because the agency takes its off-cuff.

“We will work towards taking those figures off our budget in 2016. They are critical issues. The current pricing work we are doing had shown that there shouldn’t really be subsidy. The government doesn’t need to subsidise.

“There is energy around the removal of subsidy. Most Nigerians we talk to today would say that’s where to go. I have since left the dictionary of subsidy by going to price modulation which is a bit more technical.

“Price of refined products today is N87. It was N97 before it was reduced and we really have to go back to that because we don’t really have the finance to remove it.

“There are lots of safety barometer between the N87 and N97per litre regime between which government does not have to fund subsidy. Yet the prices would be fairly close to what it used to be today. That is the first mechanism we are going to work.”

Source: Daily Post News