January 24, 2018

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Pipelines vandalism cost NNPC N103.4b in one year

Pipelines vandalism cost NNPC N103.4b in one year

It may be virtually impossible for the Nigerian National Petroleum Corporation (NNPC) to operate its refineries, crude oil and products pipelines nationwide profitably, unless government takes drastic measures to eliminate all acts of pipeline vandalism, according to an investigation by The Guardian.

This is coming in the light of a report titled “Report on Improving Local Refining Capacity in Nigeria”, prepared by the Managing Director, Matwims Consult Limited, Mark Tubotein, which reveals that the repeated repairs by Petroleum Pipelines and Marketing Company (PPMC) after each act of vandalism for several years calls to question the integrity of existing pipelines that are over 35 years in operation without adequate maintenance on them.

Before this report, there were revelations by the NNPC that the huge spending by government for the purpose of protecting Nigeria’s vital petroleum products’ pipelines seemed not to be having any positive effects on the security of the country’s oil and gas resources after all.

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This is because despite spending N103.4 billion for pipeline repairs and management between January and December 2015, data from the NNPC shows that the Federal Government actually recorded crude oil and product losses of N57.71 billion to pipeline vandalism. Read more

Radi8
InnJoo Reborn

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