GUARDIAN ME­DIA NEWS­ROOM

The Na­tion­al Pe­tro­le­um Com­pa­ny Lim­it­ed (NP) has ve­he­ment­ly de­nied claims that it is un­sta­ble.

In a me­dia re­lease to­day, NP said rel­a­tive to the claim that there is “a lev­el of in­sta­bil­i­ty that per­vades the or­gan­i­sa­tion at this time”, it de­nies this claim, stat­ing that the com­pa­ny im­me­di­ate­ly iden­ti­fied Chester Beep­ut as the Chief Ex­ec­u­tive Of­fi­cer (Ag.) who is a Gen­er­al Man­ag­er at NP for the past sev­en years, with a to­tal num­ber of 24 years at NP, held in var­i­ous po­si­tions across the or­gan­i­sa­tion.

"Mr Beep­ut has act­ed in the po­si­tion of CEO pri­or and is qual­i­fied and ca­pa­ble of lead­ing NP at this time, un­til fur­ther no­tice," the com­pa­ny’s state­ment said.

The com­pa­ny al­so re-em­pha­sised the fact that Derek Luk Pat ten­dered his res­ig­na­tion on No­vem­ber 1, 2024.

Ad­di­tion­al­ly, NP said its au­dit­ed fi­nan­cials re­port­ed a $19.5M prof­it be­fore tax, for fis­cal year 2020-2021, and has steadi­ly im­proved its prof­it po­si­tion for each suc­ces­sive year.

"NP and by ex­ten­sion, its em­ploy­ees, wish to re­it­er­ate that they re­main com­mit­ted to en­sur­ing the safe and con­sis­tent de­liv­ery of all prod­ucts (fu­el, LPG and lu­bri­cants) to the na­tion­al and ex­port mar­kets, through its re­lat­ed net­work sys­tems. Fi­nal­ly, NP wish­es to state that it has full con­fi­dence in its Chair­man and Board of Di­rec­tors," the com­pa­ny said.