Nnpc To Become 30 Different Profit-making Companies Next Week – Kachikwu

Source: thewillnigeria.com
Listen to article

BEVERLY HILLS, March 03, (THEWILL) – The Minister of State for Petroleum, Dr Ibe Kachikwu, has revealed that the Nigerian National Petroleum Corporation (NNPC) will be unbundled into 30 competitive revenue generating subsidiaries in the coming week.

Kachikwu, who also doubles as the Minister of State for Petroleum Resources, working under President Muhammadu Buhari, added that each of the companies would have its separate managing director as part of the ongoing transformation of the national oil company.

He made this disclosure at the 25th Oloibiri lecture series and energy forum, in Abuja, organized by the Society of Petroleum Engineers, aimed at bringing key players in the oil and gas industry together to brainstorm on issues that will ensure profitability and economic advancement through oil and gas.

He said that the move, which would be concluded within the next seven days, would reposition the corporation to bring in huge profits which has been impossible to achieve in the past 15 years revealing that the NNPC had been moved from a loss position of N160 billion to some N3 billion by January 2016.

“For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own managing directors,” he said.

“Titles like group executive directors are going to disappear and in their place you are going to have CEO and they are going to take responsibilities for their titles.

“At the end of the day, the CEO of an upstream company must deliver an upstream result.”

He also revealed that some members of the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet with Russia on March 20, 2016 to fine tune strategies for stabilizing oil prices and applauded the national assembly on their efforts on the Petroleum Industry Bill (PIB).