29 September 2020 by James Itodo.
Fears of staff of the Nigerian National Petroleum Corporation,over alleged plan to scrap the oil outfit if the the Petroleum Industry Bill ( PIB) is passed into law, have been allayed by the Minister of State for Petroleum, Mr Timipre Sylva in his presentation on the bill.
The Minister who gave the assurance while fielding questions from newsmen after an interactive session with leadership of the National Assembly said, the bill sought for commercialisation and not scrapping of NNPC .
“We have heard so much noise about NNPC being scrapped but that is not envisaged by the Bill at all.
” NNPC will not be scrapped but commercialised in line with deregulation moves across all the streams in the sector comprising of the upstream, downstream and midstream .
“We have said that NNPC will be commercialized 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, the Minister stated.
“So we have provided robustly for the growth of the midstream sector through commercialisation, the required competitiveness in the sector , will be achieved “he explained.
He added that the host communities would also have the best deal from the bill .
According to him, through the PIB the industry will be transformed and the PEF and the PPPRA will not exist in the same form that they are existing today.