Nigerian National Petroleum Corporation (NNPC) yesterday in Abuja said it is considering venturing into the West African bunkering market in a bid to boost profit.It said if the initiative becomes feasible, the country could be saving about $1 billion estimated loss to illegal bunkers in the country.
The corporation also said it would strengthen its stronghold in the shipping business with a new subsidiary that would provide refuelling services to ships and other ocean-going vessels.
In a publication by the corporation, the Group General Manager, NNPC Shipping, Aisha Katagum, said: “Actually, the NNPC Group Managing Director (GMD) is also very keen on that. He has directed the Corporate Planning & Strategy (CP&S) Division to come up with a business model for us to see how it could operate.”
She said the bunkering subsidiary would be an incorporated company like Nidas, a subsidiary under NNPC Shipping, adding that the proposed company would be domiciled in the NNPC Shipping Division too.