By Moses Ebosele, ebosele@hotmail.com
For the year ended December 31, 2018, the Nigerian Gas Company (NGC), the gas transportation subsidiary of the Nigerian National Petroleum Corporation (NNPC), recorded profit after tax of N13.29billion, representing an increase of 117% over N6.11billion attained in 2017.
The increase in the company’s revenue and profit was attributed to increase in the volume of gas transported, cost reduction initiatives, effective pipeline operations and maintenance, and cordial relations with host communities.
Speaking at the 24th Annual General Meeting (AGM) of the Company on Thursday in Abuja, the Chairman of the company’s Board of Directors and NNPC Chief Operating Officer (COO), Upstream, Mr. Roland Ewubare explained that the company in a bid to shore up its revenue base, had acquired equity in a number of gas processing concerns which include the Assa North-Ohaji South (ANOH) Gas Processing Company (AGPC), Makaraba Gas Processing Project and the Sapele Gas Compression Project.
A statement issued by the corporation’s Acting Group General Manager, Group Public Affairs, Samson Makoji quoted him as saying: “Completion of these gas processing projects are expected to significantly increase NGC’s revenue and boost the Federal Government’s Economic Recovery and Growth Plan”, the COO enthused.
Also speaking at the event, Managing Director of NGC, Dr. Salihu Jamari, said the improvements recorded in the company’s performance were a testimony to the commitment by the management to deliver value to shareholders and stakeholders.
He expressed optimism that the completion of gas infrastructure projects such as Phase 2 of the Escravos-Lagos Pipeline System (ELPS 2C), Obiafu-Obrikom-Oben (OB3) Pipelines and the Ajaokuta-Kaduna-Kano (AKK) Pipeline would further boost the company’s profitability.
Photo Caption: Managing Director of the Nigerian Gas Company (NGC), Dr. Salihu Jamari (right), welcoming the Chairman of NGC Board of Directors and NNPC Chief Operating Officer, Upstream, Mr. Roland Ewubare (left) to the 24th Annual General Meeting of NGC which held at the NNPC Towers… Thursday
