NPC’s Economic Initiatives

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The National Petroleum Corporation (NPC) has rolled out a number of key objectives aimed at ensuring its future viability and reducing its financial woes.

Chairman, Harcourt Lewis, disclosed these initiatives during a wide-ranging address at the company’s Dinner and Awards Ceremony recently, at the Accra Beach Resort.

He intimated that the NPC would consolidate its operations by ensuring that its product supply to its network of 17,700 domestic and 690 commercial customers was reliable, guaranteed and met the required standard.??

To achieve this, Mr. Lewis pledged a closer working relationship with the Barbados National Oil Company (BNOC). "The NPC continues to work with the BNOC to ensure that the quality of gas being delivered to customers is environmentally safe, while containing the necessary calorific value and required volumes."

He also mentioned improved supply chain efficiencies, in particular the procurement practices for products and equipment and the delivery of goods. Mr. Lewis also recommended that the company deliver its goods to the public at the right time and at the correct price.??

In this regard, the Chairman said the Corporation saved approximately BDS$82, 000 on its Material Budget during the current capital year 2009/2010 – an overall saving of 14 per cent.?? He added it also achieved a reduction in unaccounted gas to under 10 per cent, as opposed to the 22 per cent for the pre-2005 era.

Mr. Lewis announced measures to be implemented by the NPC to ensure its economic viability would include capital budgeting and prudent financial planning that involved product and customer base diversification.

To safeguard the company’s financial stability, the Chairman revealed that it would explore alternative fuel options that were environmentally friendly and cost effective, such as bio gas, landfill gas, offshore gas and the importation of natural gas.

Mr. Lewis also hinted at forging other business opportunities which encouraged and supported alternative uses for natural gas, through the expansion of commercial refrigeration and air conditioning natural gas market within the manufacturing, commercial and hotel sectors.

"Over the past two years, the Crane Beach Hotel has been using natural gas for their 240 tonnes of AC refrigeration, while the Accra Beach Hotel has 180 tonnes of AC refrigeration being used in the most recent wing at the hotel. Discussions will continue with these and other entities for the further expansion of natural gas usage," Mr. Lewis stated.??jwilson@barbados.gov.bb

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