According to the GCEO, the law is very clear on domestic crude oil supply obligations and also on providing for local refineries. However, Kyari added, that the same law also said that there must be a willing buyer and a willing seller.
On the alleged importation of sub-standard products into the country, Kyari said the NNPC Limited has nothing to do with that as the relevant regulatory agencies will, by law, not allow any sub-standard product into the country.
The GCEO also supported calls for the Ad-hoc Committee to beam the interactive sessions live on national television to prevent misinforming Nigerians.
He explained that there is enough infrastructure to produce two million barrels of crude per day but the challenges of crude oil theft, pipeline vandalism and absence of investment in the upstream are the major factors hindering the sector.
He said as a company owned by the over 200 million Nigerians, the NNPC Limited has grown from a loss-making position to a profit-making entity.
While pledging full co-operation towards the Committee in its efforts to unravel the allegations being investigated, Kyari said the NNPC Limited, its entire board, management and staff remain loyal, faithful and committed to Nigeria and will continue to act in line with the provisions of the Petroleum Industry Act (PIA), the Company & Allied Matters Act (CAMA) and other enabling laws and regulations governing the nation’s energy Industry.
“We are faithful, loyal and committed to the progress and development of this country. It is our duty to protect the overall interest of this great nation. We are not in breach of any rules,” Kyari concluded.
