The Nigerian National Petroleum Corporation (NNPC) is relying on members of Major Oil Marketers Association of Nigeria (MOMAN) to distribute fuel nationwide due to their reliable and administrative qualities, the Corporation?s spokesman, Ndu Ughamadu, has said.
Others, he said, are their financial strengths, ability to undertake big ticket transactions and forthrightness. MOMAN members include Conoil, Forte Oil, Mobil, Total, Oando and MRS Oil.
He said the body possesses qualities that are unique and also endear them to present and existing investors, adding that such attributes are vital to the growth of any business enterprise.
In a telephone interview with The Nation, Ughamadu said the marketers are capable of delivering petroleum products supplied them by the NNPC, without delays.
He said the National Oil Company is saddled with the responsibilities of importing fuel, taking delivery of its cargoes and making it available to consumers across the country, adding that MOMAN has made the job of giving the product to consumers much easier.
He said: ?MOMAN outlets are strategically located in the country and this is a plus for NNPC that wants fuel to be distributed to consumers faster. Our duty as the nation?s sole importer of fuel into the country is to supply fuel and further ease scarcity, which we have been trying to achieve though the marketers and other relevant stakeholders in the value chain.
? Besides fuel, many of the firms are into upstream engagements through which they explore oil for growth, coupled with the fact that they deal with natural and Liquefied and Petroleum Gas(LPG). These improve their records at the end of every financial year.?
On portfolios, he said the marketing oil companies have huge financial portfolios, as evident by their subsidiaries, reservoirs or tank farms that can store huge volume of fuel, outlets, balance sheets and the confidence, they are enjoying in the downstream sub-sector of the nation?s oil and gas industry.
He said many of the firms were quoted on the Nigerian Stock Exchange and other Exchanges, adding that their ability to ensure that people invest in business has further boosted the confidence reposed in them by Nigerians.
?In view of the fact the oil marketing firms are bringing in profits through their investments, of which listing on floors of the exchange is one of them, the companies are protecting??
He said companies that are quoted on the floors of the Exchange run businesses worth several billions of naira, enjoy international recognition and always mindful of their image, adding that they are not ready to engage in transactions that are only illegal and capable of eroding the public confidence of the investors.
He further said activities in the downstream sub-sector of the nation?s oil and industry are developing and require investors that can hold their own as evident by the performance of many of the marketers in the recent years.