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Friday, March 29, 2024

NNPC Will Not Be Scrapped But Commercialised – Sylva

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Contrary to reports, the minister of state for Petroleum Resources, Timpere Sylva said the Nigerian National Petroleum Corporation, NNPC, will not be scrapped in the Petroleum Industry Bill, PIB, before the National Assembly.

Sylva, who spoke while answering questions from journalists on Monday, September 28, 2020, after meeting with leadership of the National Assembly in Abuja, said the proposal in the PIB is to commercialise the Corporation.

He also disclosed the Petroleum Equalization Fund, PEF, and the Petroleum Products Pricing and Regulatory Agency, PPPRA, will not exist in their present mode after the PIB is passed.

Sylva said: “We have heard so much noise about NNPC being scrapped but that is not envisaged by the Bill at all.

“We have said that NNPC will be commercialised. 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 – that sector between the upstream and the downstream which because the the framework was not there has not really developed very well.

“So we have provided robustly for the growth of the midstream sector.

On what is in the new PIB for the host communities, Sylva said: “The host communities I think have the best deal now but am sure the details of the Bill you will hear when it is read on the floor of the House of Representatives and the Senate.

On the recent renewal of the tenure of the chief executives of the PEF and the PPPRA vis-a-vis the provisions of the new PIB, he said: “A lot of people have been asking me questions about that.

“I am sure that the PIB will also take care of that because with the PIB the industry will be transformed and the PEF and the PPPRA will not exist in the same form that they exist today.

“But I don’t want want to go into the details of the Bill until it is read on the floor of the Senate.”

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