Minister of state for Petroleum Timipre Sylva says NNPC Limited to Kick-off in 6 months following the president’s assent to PIB

Minister of state for Petroleum Timipre Sylva says NNPC Limited to Kick-off in 6 months following the president’s assent to PIB

The Minister of State for Petroleum Resources, Timipre Sylva says the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months, 

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

Sylva, who was speaking at a press conference in Abuja, said a transitional committee is already in place to incorporate NNPC Limited.

READ ALSO: U.S Government gives conditions for recognising Taliban government in Afghanistan

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

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.

Do join our Telegram Channel so you don’t miss any updates !!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Facebook
YouTube
LinkedIn
Instagram