The Nigerian National Petroleum Corporation(NNPC) will expand the Domestic Liquified Petroleum Gas(LPG) market in both the domestic and international level. More than 233 Investors are interested in 2019-2021 sale and purchase of Natural Gas Liquids.
According to the news sources, the exercise was held on Tuesday at NNPC Towers, Abuja.
The Group Managing Director of the Corporation, Dr. Maikanti Baru said, this event is a part of their strategic focus where they encourage companies towards investing in storage, marketing, and distribution of the infrastructure.
He also said that their main target is to expand the Liquefied Natural Gas(LPG) from the existing local sources.
However, the off-take sessions were transparent to all, as it was open to media.
The Chief Operating Officer (COO), Dr. Baru, said that Nigeria was among the countries with the least consumption of Liquified Natural Gas(LPG). According to him, this is because of the low penetration of the product.
“The only way to boost consumption is to first make the product available,” said D. Baru.
According to him, NNPC is trying their best to lift up the domestic market into where it deserves the best.
He also added, “Most importantly, we want to do that transparently to ensure that we get the right partners that would have the caliber we need in terms of investments, capital layout and marketability to penetrate the nooks and crannies of this country,”.
All of those initiatives tells us that, domestic LGP market will see a great expansion in the upcoming 2019-2021 seasons.
If all goes well, NNPC will start their work with the bidding 223 companies to expand the market into the domestic and international stage.
To maximize the value of the LPG market within the country, those steps will surely make a difference in the long run.