PPMC Liable For N200bn Losses In NNPC Operations Annually – Kachikwu
The pipelines and products marketing company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), is responsible for losses of N200 billion yearly in its operations. The Group Managing Director of the NNPC, Dr Emmanuel Ibe Kachikwu told energy correspondents in Lagos at the weekend that PPMC contributes about 87 percent of the NNPC’s […]
The pipelines and products marketing company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), is responsible for losses of N200 billion yearly in its operations.
The Group Managing Director of the NNPC, Dr Emmanuel Ibe Kachikwu told energy correspondents in Lagos at the weekend that PPMC contributes about 87 percent of the NNPC’s total losses annually.
This is largely due to the incessant vandalism resulting in the loss of products as well as repair works on the damaged pipelines.
Dr Kachikwu said the PPMC is currently undergoing a reorganization process with the aim of re-positioning it back on the path of profitability. As a result, the PPMC is to be unbundled into three companies with each unit charged with a specific responsibility.
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