29 Sep Sylva says NNPC is not to be scrapped
Minister of State, Petroleum Timipre Sylva has explained that contrary to earlier reports, the NNPC will not be scrapped but commercialized in the new Petroleum Industry Bill.
“NNPC will not be scrapped but commercialized in line with deregulation move being made across all the streams in the sector comprising of upstream, downstream and midstream, “ he said.
He spoke with reporters at the National Assembly after an interactive session with the leadership of the assembly.
“But if you are talking about transforming the industry, the only new thing that we are introducing is the development of the midstream that is the pipeline sector.
“So we have provided robustly for the growth of the midstream sector.
“Through commercialization, the required competitiveness in the sector, will be achieved.”
Sylva said the host communities would also have the best deal from the bill.
According to him, via the PIB, the industry will be transformed and the Petroleum Equalisation Fund and Petroleum Products Pricing Regulatory Agency will not exist in the same form that they exist currently.
“But I don’t want to go into the details of the bill until it is read on the floor of the Senate,” he said.