Nigeria Loses N376 Billion in 5 Years to Pipeline Vandalism
UYO (NAN) ― The Managing Director of Pipeline and Product Marketing Company (PPMC), Prince Haruna Momoh, said Nigeria lost N376 billion between 2008 and 2013 to pipeline vandalism.
Momoh stated this on Saturday in Uyo at a capacity building workshop for energy correspondents
Momoh was represented at the workshop by Executive Director Commercial, PPMC, Mr Francis Amego.
The
MD said the activities of vandals had made it difficult for PPMC to
meet up its obligation in delivering oil and gas products to their
various destinations across the country.
“Pipeline
vandalism has been a major challenge to downstream sector as it
truncates effective product distribution within the network
“The vision that drives PPMC is to provide petroleum products to the domestic market at affordable prices.
“But the activities of these unscrupulous elements have been a hindrance to achieving these objectives”, he said.
According to him, the PPMC pipeline network’s current assets amount to 5,120 Kilometres.
He
added that the company had 21 petroleum products depots, eight
liquefied petroleum gas depots, two off-shore product terminals and four
jetties across the country.
The PPMC boss called for the speedy passage of the Petroleum Industry Bill in the National Assembly.
Momoh
expressed optimism that the Bill would go a long a way in accelerating
the development of the downstream sector and also open ways for
deregulated market to reduce cost. (NAN)
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