UYO (NAN) ― The Managing Director of Pipeline and Product Marketing Company (PPMC), Prince Haruna Momoh, verbally expressed Nigeria lost N376 billion between 2008 and 2013 to pipeline vandalism.
Momoh verbalized 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 verbalized the activities of vandals had made it arduous for PPMC to meet up its obligation in distributing oil and gas products to their sundry destinations across the country.
“Pipeline vandalism has been a major challenge to downstream sector as it truncates efficacious 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 an obstruction to achieving these objectives”, he verbalized.
According to him, the PPMC pipeline network’s current assets amount to 5,120 Kilometres.
He integrated 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 expeditious passage of the Petroleum Industry Bill in the National Assembly.
Momoh expressed optimism that the Bill would go a long a way in expediting the development of the downstream sector and withal open ways for deregulated market to reduce cost. (NAN)
