The Nigerian National Petroleum Corporation (NNPC) is targeting the increase of its market share from the present 13 to 30 percent.
This the corporation plans to achieve by building more depots across the country and venturing into new business frontiers such as marine and industrial services.
The NNPC chief, Dr. Maikanti Baru, stated this Monday in Abuja while inaugurating the board of one of its downstream companies, NNPC Retail limited. He noted that adding to the corporation’s existing 23 depots nationwide would ease petroleum products supply and distribution in the country.
Urging members of the board to expand the company’s market share from 13 to 30 percent, Dr Baru said building more depots by the corporation was more feasible than acquiring dormant ones.
The board is also tasked to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria. “By mid-2019, you should be having plans to go into the sub-region,’’ Dr Baru said.
On diversification the GMD directed the company to venture into lubricants production, marine and industrial services to boost its revenue profile in line with its quest as an integrated oil company.
The board is Chaired by Chief Operating Officer Gas and Power, Engr. Saidu Mohammed, while other members include Engr Henry Ikem Obih, Chief Operating Officer Downstream, as alternate Chairman; COO, Refineries, Engr. Anibo Kragha; GGM, Shipping, Hajia Aisha Ahmadu Katagun; Mr. Yemi Adetunji and Mrs. Obioma Agbambo, Company Secretary and Legal Adviser, NNPC Retail, as Secretary to the board.