The Nigerian National Petroleum Corporation (NNPC) has been unbundled. It’ll now operate as four independent companies comprising of the Upstre...
The Nigerian National Petroleum Corporation (NNPC) has been unbundled. It’ll now operate as four independent companies comprising of the Upstream Company, Downstream Company, Refinery Company and Gas/ Power Company.
Addressing journalists on this new development, the Group Managing Director (GMD) of the Corporation, Dr. Ibe Kachikwu, who also doubles as the Minister of State for Petroleum, said that the unbundled NNPC now comprises of a lean headquarters and four autonomous business units. According to Kachikwu, the Upstream Company will now comprise of NPDC and the IDSL. The Downstream Company consists of Retail, NPMC and NPSC, the Refinery Company consists of WRPC, KRPC and PHRC while the Gas and Power is now made up of NGPTC, NGMC and Gas and Power Investment.
Speaking on other issues relating to the oil sector, the minister said the current fuel scarcity is as a result of the refusal of independent marketers to import products, making the NNPC the sole importer of petroleum products. This problem, according to the minister, is further compounded by vandals who are bent on sabotaging the efforts of the Corporation in ensuring that local refineries work and contribute to the supply of petroleum products.