The association in a statement last week, said it had for long been yearning for positive changes in the oil sector in the form currently being implemented by Dr. Emmanuel Ibe Kachikwu, the new NNPC boss.
It noted that the downstream oil sector was almost dead before the rescue mission of the present administration, adding that, “no genuine investor was happy with the past situation of the oil sector while several investments by indigenous operators were ruined due to corruption at all levels, favouritism and impunity.
“With the appointment of Ibe Kachikwu as the new GMD of NNPC by President Muhammadu Buhari, we are convinced that this administration is ready for business. Our members will ensure more investments in the downstream sector.
“We have already begun to see positive signs just two weeks after his appointment. That is enough encouragement for us as investors to put our money back in the downstream sector,” IPMAN said.
It stated that its members will continue to partner with NNPC management for the successful downstream oil sector.
The association said it has the capacity and investments to flood the country with fuel if given the chance, stressing it was important to note that more than 85 per cent of the petrol outlets belong to its members, noting they are closer to people as far as oil distribution is concerned than any group or people.”
IPMAN thanked President Buhari for the appointment of Kachikwu and assured it would work with the new management to ensure trouble-free downstream oil sector.
The association also urged the new GMD to ignore all sponsored attacks on his style of leadership by any group, saying that the interest of the nation supersedes that of individuals or groups.
IPMAN also called on the new GMD, as a matter of urgency, to encourage private investment in the areas of refining and petrochemicals, as its refinery discussion has already gone far with its partner.
“With his background from the private sector, Dr. Kachikwu is expected to give private business more priority but not to continue relying on government as it was in the past.
“We welcome the idea of running NNPC as a commercial entity not as cost centre for the government.