Managing Director, Nigerian Independent Petroleum Company Plc (NIPCO), Venkataraman Venkatapathy, says the delay in subsidy payment on imported petrol was the marketer’s biggest challenge in 2014.
The NIPCO boss assessment of their operations in 2014 was contained in a statement by issued by Taofik Lawal, Head, Corporate Affairs of the company and made available to newsmen in Lagos yesterday.
The statement said Venkatapathy made the assertion while speaking on the sidelines of the company’s recent 11th Annual General Meeting (AGM) in Abuja.
“The outstanding payment with regards to Premium Motor Spirit (PMS) importations by the marketers is seriously eroding the operating results of the companies in the sector,” it said.
The statement also quoted Venkatapathy as saying that the petroleum industry, the mainstay of the nation’s economy, had been marred over the years by a plethora of challenges.
According to the statement, there are also concerns about the effects of shale oil on the crude oil prices, which also have its negative effects on the value of the naira.
It noted that in spite of the challenges, the company was able to develop a transformation agenda to ensure that organisation remained committed to meeting the needs of its stakeholders.
“Our services are second to none as we continue to store petroleum products in an environment that is friendly, safe and dignifying in line with our corporate vision,” it added.
The statement said that it had created new processes for operational efficiency, optimum capacity utilisation and enhanced sales even as new business lines and processes were developed.
It said that NIPCO’s passion for safety continued to pay off and earned her scores of recognitions.
It noted that the most recent of the awards was the Nigerian Ports Authority (NPA) best Health Safety Environment (HSE) compliant terminal award for the fourth consecutive year.
The NIPCO executive officer, the statement said, asserted that 2015 would bring its own challenges but that they should remain focused on the vision and work to make the best out of it.
“We will continue to lay emphasis on what we can control, providing our customers with the best in the market, managing our costs, strengthening our brand and doing our part to move the economy forward,” it said.
It quoted Venkatapathy as saying that the company’s operations would continue to be in tandem with international best practices.
It appreciated the company’s shareholders for their support and great aim and work in the quest to take the organisation to greater heights.
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