PLAN UNDERWAY TO COMMERCIALIZE NNPC

There a plan underway to commercialize NNPC

PLAN UNDERWAY TO COMMERCIALIZE NNPC

The minister of state for Petroleum, Timipre Sylva, has excused media reports that the new draft of the Petroleum Industry Bill (PIB) sent to National Assembly has suggested the scrapping of the NNPC. The minister alleviated the feelings of dread while handling inquiries from writers at the National Assembly after an intuitive meeting with the authority of the gathering. 

He explained that the new PIB draft looked to market and not to scrap the NNPC. "We have heard such a great amount of commotion about NNPC being rejected however that isn't being visualized by the bill by any stretch of the imagination. "NNPC won't be rejected however popularized in accordance with liberation move being made over all the streams in the segment involving upstream, downstream and midstream. 

We have said that NNPC will be marketed. "However, on the off chance that you are looking at changing the business, the main new thing that we are presenting is the improvement of the midstream, that is the pipeline segment. "So we have given heartily to the development of the midstream division.


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"Through commercialisation, the necessary seriousness in the division, will be accomplished," he said. Sylva said that the host networks would likewise have the best arrangement from the bill. 

As indicated by him, through the PIB, the business will be changed and the Petroleum Equalization Fund (PEF)and the Petroleum Products Pricing Regulatory Agency (PPPRA) won't exist in a similar structure that they exist presently. "In any case, I would prefer not to delve into the subtleties of the bill until it is perused on the floor of the Senate," he said.

This latest development is one that no one knows where the house will swing his pendulum in the decision to be made on the propose bill forwarded to the house on the NNPC matter. The bill is one with a lot of arrays of multi functional proposed tax deal, we ca only hope the house will come up with the best decisons that will translate into creating a last solution to the NNPC diverse problems.