Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited, Olufemi Soneye, has explained that the state-owned energy firm reduced its stake in Dangote refinery to invest in Compressed Natural Gas (CNG).
Soneye who appeared on Brekete Family Radio programme further explained that the NNPC decided to leave its share purchase at 7.2 per cent instead of 20 per cent to invest in building CNG stations across the nation. According to him, NNPC saw the importance of investing in CNG retail as in the near future, more people would prefer clean energy, more strategically, Nigeria has ample gas to power as many CNG stations.
This is as he added that NNPC’s decision to prioritise CNG stations was in line with President Bola Ahmed Tinubu’s policy of creating alternative energy sources and making transportation affordable following the removal of fuel subsidy.
Soneye appeared on the programme after calls to for NNPCL to speak on allegations of collaborating with the Nigerian Midstream and Downstream Regulatory Commission to sabotage the Dangote refinery.
He debunked the allegations that the NNPCL would sabotage a company in which it had a 7.2 per cent stake, adding that Nigerians could fuel their vehicles with N10,000 when using CNG, compared to petrol.
“The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy.
“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria, why don’t we invest in it?” the NNPC official stated.
On the allegation of sabotage, Soneye added: “We want all Nigerians to know that the NNPCL does not have any issue with the Dangote Refinery. We are part of the owners of the Dangote refinery and we don’t want it to collapse”.
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