The National Engineering and Technical Company ( NETCO ) , a wholly-owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) says it is exploring business opportunities in Equatorial Guinea to boost its revenue generation capacity.
According to NETCO, the initiative is in line with the NNPC’S GMD, Mallam Mele Kyari’s vision to make NETCO the hub of Engineering, Procurement and Construction in the West African sub- region and major revenue earner for NNPC.
Usman Baba, Managing Director, NETCO, disclosed this during an oversight visit of the House of Representatives Committee on Petroleum Resources (Upstream) to the company on Wednesday in Lagos.
Baba noted that NETCO was established in December 1988 to provide an efficient and reliable engineering base for the NNPC Group and the Nigerian oil and gas industry.
According to him, NETCO has been involved in some key projects in the last five years including the Nigerian Liquefied Natural Gas Train 7 project, refineries rehabilitation project and the Ajaokuta- Kaduna- Kano Gas pipeline project.
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He said the company was also involved in capacity building in the industry, adding that about 80 young engineers were currently undergoing training in NETCO.
Baba explained that, though business opportunities had been negatively impacted as a result of the COVID-19 pandemic, the NETCO management had designed various strategies to ensure the profitability of the company.
He said the company recently acquired land to build a fabrication yard in Akwa Ibom State which would help to reduce capital flight when operational.
While thanking the committee for the visit, Baba sued for their continuous cooperation and support to enable NETCO to actualise its mandate.
In his remarks, the Chairman of the Committee, Musa Adar, said NETCO has a key role to play in helping to curb unemployment through the provision of training opportunities for young Nigerians.
Adar said the oversight visit was part of the committee’s statutory duties to support the company to achieve its lofty ideas using legislative instruments.
