Minister of State for Petroleum, Timipre Sylva, has dismissed media studies that the brand new draft Petroleum Business Invoice (PIB) despatched to the Nationwide Meeting beneficial scrapping of the NNPC.
Sylva allayed the fears whereas fielding questions from journalists on the Nationwide Meeting on Monday after an interactive session with the management of the Meeting.
The minister, nonetheless, clarified that the brand new PIB draft sought to commercialise and to not scrap the NNPC, NAN studies.
“We’ve heard a lot noise about NNPC being scrapped, however that isn’t being envisaged by the invoice in any respect.
“NNPC won’t be scrapped however commercialised in keeping with deregulation strikes being made throughout all of the streams within the sector comprising upstream, downstream and midstream.
“We’ve mentioned that NNPC shall be commercialised.
“However in case you are speaking about reworking the trade, the one new factor that we’re introducing is the event of the midstream, that’s the pipeline sector.
“So now we have offered robustly for the expansion of the midstream sector.
“Via commercialisation, the required competitiveness within the sector shall be achieved,” he mentioned.
Sylva mentioned that the host communities would even have the very best deal from the invoice.
In response to him, by way of the PIB, the trade shall be reworked, and the Petroleum Equalisation Fund (PEF)and the Petroleum Merchandise Pricing Regulatory Company (PPPRA) won’t exist in the identical kind that they exist presently.
“However I don’t need to go into the main points of the invoice till it’s learn on the ground of the Senate,” he mentioned.