NNPC To Be Split Into 30 Companies

By Ikenga Chronicles March 5, 2016

The Minister of State for Petroleum Resources, and the Group Managing Director of the Nigeria National Petroleum Corportion Dr. Ibe Kachikwu has stated that the Federal Government plans to unbundle the NNPC into thirty separate companies in four or five operational zones, with each having a Chief Executive Officer. The Chief Executive Officer for each of the companies is to be responsible for the company, and deliver results. This decision is part of plans by the Federal government to make the corporation more profit-oriented, and responsible.

“By the time these 30 companies are unbundled with their managing directors setting programmes, you are going to meet us in the active work space.We are going to be competing and we are going to make these things work,” he said.

Dr. Ibe Kachikwu who was speaking at the 25th Oloibiri Lecture Series and Energy Forum stated that the NNPC has since moved from a loss position of N160Billion, to just N3Billion, and would soon start posting profits. He also stated that the Products Sharing contracts will soon be reviewed, while contracting cycle of projects will also be cut short to six months, from two years.

Dr. Kachikwu lauded the efforts of the National Assembly on the Petroleum Industry Bill, and said that as part of measures to stabilize the price of oil, some members of the Organization of Petroleum Exporting Countries will meet later this month in Moscow to synergize on solutions.

 

Credit: News Agency of Nigeria

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