NNPC Limited to kick off in six months – Minister

The Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months.

The Minister of State for Petroleum Resources, Timipre Sylva announced this at a press conference on Tuesday.

This follows the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.

Mr Sylva said a transitional committee is already in place to incorporate NNPC Limited.

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‘’All shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance, said, Sylva.

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Mr Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.

He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.

Meanwhile in May the Nigerian National Petroleum Corporation (NNPC) says it is currently considering equity participation in a number of private refineries in the country.

The NNPC said the decision was in line with the Federal Government’s policy directive, which stipulates the mandatory participation of the corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity.

The directive enables NNPC to uphold its statutory role of safeguarding national energy security.

Dr Kennie Obateru, Group General Manager, Group Public Affairs Division, NNPC, said in a statement obtained by the News Agency of Nigeria (NAN) in Lagos on Monday.

Obateru said the corporation had identified at least six refinery projects in which it intended to seek equity participation.