NIPCO EYES GAS, PETROLEUM PRODUCTS TO DRIVE GROWTH
NIPCO EYES GAS, PETROLEUM PRODUCTS TO DRIVE GROWTH
Nigerian Independent Petroleum Company (NIPCO) Plc will sustain its growth by exploiting opportunities in gas and petroleum products marketing.
Addressing shareholders at the company’s Annual General Meeting (AGM) in Abuja, Managing Director, NIPCO Plc, Suresh Kumar assured its shareholders of better returns and improved growth in year 2021 and beyond.
He expressed optimism that it would actualise the vision of the promoters of the company this year despite the teething challenges in the nation’s oil and gas industry.
According to him, the creation of the National Gas Expansion Programme (NGEP), headed by Dr Mohammed Ibrahim to deepen domestic utilisation of gas is one of the veritable tool that can enhance the performance of the company in the area of gas marketing .
“With the declaration of 2020 as the year of gas by the Federal Government, the sector is expected to witness more growth to the benefit of stakeholders by exuding more confidence in investors hoping that this will to channel more funds into the sector.
“The renewed interest of the Federal Government in utilisation of natural gas as vehicular fuel through NGEP is also expected to give fillip to your company at improving on our bottom lines through the plethora of investment in providing avenues for a cheaper and cleaner alternative source of energy for Nigerians.
“Another major plank in improving the fortunes of your company is in the area of marketing of a wide range of petroleum products the firm engages in. We intend to broaden our marketing horizon to ensure the company continues to take sizeable portion in product sales,” Kumar said.
He told shareholders that the shock of the pandemic had put a lot of pressure on the company’s human capital as they had to grapple on how to cope with the virus and keeping pace with work schedules.
According to him, management had to devise several containment measures to ensure utmost safety of the workforce by adhering strictly to all the COVID -19 protocols as advised by relevant government agencies.
“It is with immense pleasure that I report to you that all through the year under review we did not have any downtime due to the fear of the virus ,a feat I commend our staff’s dedication towards their work. We are upbeat that with the standards set in, the much dreaded virus will be properly contained in the overall interest of both the employees and you the investors.
“As investors continue to have more confidence in us to manage the company for upward growth, there will be more opportunities for not only advancement for all cadres of the workforce but also more avenues of new intakes into the organization,” Kumar said.
On corporate social responsibility, Kumar mentioned that his company intervened in the area of mitigating the effects of the pandemic through donation to the CACOVID fund, packaged by CBN, NNPC, DPR and others
The company facilitated in conjunction with some other companies the inauguration of 110-bed isolation centre for COVID -19 patients at Landmark Convention Centre, Oniru, Lagos as well as provided some essential facilities for the smooth running of the centre.
He added that in the company’s immediate host community, hundreds of women were offered gas burners and other accessories to ease domestic cooking and alleviate poverty.