Nigerian National Petroleum Corporation (NNPC) has announced the board of its newly established subsidiary NNPC Greenfield Refinery Limited (NGRL) with a target to end importation of petroleum products in the country.

The Group Managing Director of NNPC Mallam Mele Kyari, who is also, Chairman of the NGRL board, was quoted in the statement on Thursday challenging members of the board to focus on profitability in order to stay afloat and avoid liquidation during the inauguration.

“As a business, this is a big opportunity for us and this company’s balance sheet must change positively. Going forward, with the Petroleum Industry Act (PIA) I can tell you that if you continue to post negative for three years, you are out. So, there is really no excuse,” Kyari said.

Kyari also urged NGRL Board and Management Team to set up a proper structure with the required skills, technology and financing to drive the company’s operations, adding that he was optimistic that the company would be able to achieve its mandate.

“Our company must grow and we can’t do well except we are able to process our production whether it is the liquid or gas. If we don’t monetise it then we have done nothing. This is really a new chapter and we are committed to making it work.

Read also : Petroleum Industry Bill will affect the existence of NNPC-GMD Mele Kyari

“All the Corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy security for the country,” he stated.

In his remarks, the Alternate Chairman of the Board and Group Executive Director, Refinery and Petrochemicals, Engr. Mustapha Yakubu, declared that the operations of the company would be guided by the principles of cost effectiveness in line with the new Petroleum Industry Act (PIA), noting that profitability would be the key focus.

Speaking in similar vein, the Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, Engr. Bege Talson, disclosed that the Division was working with third party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000barrels per stream day (bpsd)