NIPCO Plc has reiterated that the strategic partnership between its wholly owned subsidiary, NIPCO Gas Limited and the Nigerian National Petroleum Company Limited (NNPCL) is to address the infrastructural deficit in the effective utilisation of natural gas as auto fuel will be a game changer in the sector....For More READ THE FULL STORY▶▶
The partnership, which seeks to establish 35 premium Compressed Natural Gas (CNG) stations and 3 flagship mother stations nationwide , is aimed to serve over 200,000 vehicles daily in 2024 .
Managing director/CEO of NIPCO Gas,Suresh Kumar, who made the assertion during the company’s 2023 Annual General Meeting (AGM) in Abuja, said it plans to operationalise these 35 CNG stations by late 2024 as part of the project’s secondary phase, enhancing inter-city transportation is receiving good attention.
He affirmed that the primary goal of the partnership is to expand the existing CNG infrastructure, ensuring greater accessibility and promoting the adoption of this cost-effective and environmentally friendly fuel for buses, cars, and Keke Napeps.
The partnership is expected to facilitate the setup of 21 CNG stations for intra-city transportation, set to be operational in Q1 2024 while the balance of the 35 CNG stations envisaged will be completed by late 2024 as part of the project’s secondary phase.
Speaking on the company’s performance over the last few years, Kumar stated that NIPCO Gas has continued to demonstrate resilience and sustain growth potential despite challenges such as foreign exchange volatility, rising inflation, and fluctuating petroleum prices in the international market.
The company is focused on quality service delivery across all our business lines to consistently deliver good profits and value for our shareholders, he said.
In the LPG sector, NIPCO is playing a crucial role in harnessing Nigeria’s abundant gas resources. Kumar highlighted the company’s significant progress since diversifying into the natural gas distribution subsector following the inauguration of its LPG plant in 2009.
“We have expanded our LPG sector reach to several states through massive skid deployment and other infrastructure, enhancing access to the product at market-friendly rates. Our LPG penetration grew to over 70 outlets in 2023, with prospects of reaching 100 in 2024,” Kumar noted....For More READ THE FULL STORY▶▶
