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Punch - The Nigerian National Petroleum Corporation on Tuesday expressed its preparedness to build additional Independent Power Plants in Abuja, Kaduna and Kano.
It said the plants when completed would add 4,000 megawatts of power to stabilise the national grid.
The national oil firm also disclosed that it would construct a fertiliser plant in Brass, Bayelsa State.
NNPC’s Chief Financial Officer and Chairman of the Board of NNPC Gas and Power Investment Company, Isiaka Abdulrazaq, said this during the inaugural board meeting of GPIC at the corporation’s headquarters in Abuja.
The oil firm’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, explained that the GPIC was established as a subsidiary under the Gas and Power Directorate of NNPC to enable the corporation to monetise the abundant gas resources across the country for the benefit of the nation’s economy.
Abdulrazaq described the GPIC as a strategic company through which the NNPC would create more value for the country, adding that by the time the IPPs come on stream in Abuja, Kaduna and Kano, the small and medium enterprises in the areas would be better for it.
He said, “The Gas and Power Investment Company Limited is a company which the NNPC has set up basically to focus on how it can create value and monetise the nation’s abundant gas resources.
“The company will also be focused on developing power stations, fertiliser plants, as well as petrochemical plants across the states.”
Abdulrazaq noted that NNPC had set up the board to enable the company to achieve its set targets within a very short period of time and that the board meeting had mapped out strategies to properly guide the company on its key performance indicators.
He said the setting up of the company would add value in terms of payment of taxes and the generation of more revenue for the country