Its subsidiary NIPCO Plc has disclosed plans to build CNG stations and lay gas pipelines across the country according to its spokesman Lawal Taofeek, the company had invested N100 billion in the project.
He said NIPCO’s efforts in CNG made NNPC sign a partnership agreement with NIPCO Gas Limited to build 35 stations.
He revealed that NIPCO has three CNG mother stations in Ibafo, Benin, and Oron to service daughter stations in their neighbouring states. NIPCO signs an agreement with NNPC on alternative fuel source Taofeek said that a mother station is like a depot where cascades can be loaded to service-daughter sites.
He confirmed that NIPCO got about N25 billion from the Central Bank of Nigeria’s Gas Expansion Intervention Programme, saying that the company expanded on improving and inaugurating more CNG infrastructure like pipeline network, station construction, and workforce improvement.
Meanwhile, NNPCL has disclosed that it made its highest ever profit in 47 years of a total of N2.548 trillion in 2022.
The company is a state-owned oil corporation founded in 1977 and the largest holder in the Nigerian oil and gas industry. After Nigeria passed the Petroleum Industry Act by ex-President Muhammadu Buhari in August 2022, it began commercial operations.