NNPC WON’T BE SCRAPPED BUT COMMERCIALISED- TIMPRE SYLVA
The Minister of State for Petroleum Resources, Timipre Sylva, has said that the Nigerian National Petroleum Corporation (NNPC) would not be scrapped but commercialised when the Petroleum Industry Bill (PIB) is signed into law.
Sylva clarified this on Monday after a closed door meeting with the leadership of the National Assembly on the PIB.
He said, “I have heard so much noise about the NNPC being scrapped but that is not envisaged by the bill at all. NNPC will not be scrapped but commercialised in the interest of Nigerians.
“If we are talking about transforming the industry, the only new thing we are introducing is the development of the mainstream that is the pipeline sector between the upstream and the downstream.
“Because the framework was not there, has not really developed very well. We have adequately provided robustly, for the growth of the main stream sector.
“The host community has the best deal but the details of the bill would be unfolded on the floor of the Senate.
“The Petroleum Equalisation Fund and the Petroleum Products Pricing and Regulatory Agency will not exist in the same form that they exist today.”