NNPC Awards Buhari Certificate of Incorporation
The President of Nigeria, General Muhammadu Buhari has been awarded the Certificate of Incorporation of the Nigerian National Petroleum Corporation (NNPC). InformationGuideNigeria
The certificate was presented to him at the State House on Friday by the Minister of State for Petroleum, Timipre Sylva, and others.
Recall that the president signed Petroleum Industry Bill into law on August 17 and that Mr Sylva had said that (NNPC) will become a commercial company within six months.
According to him, a transitional committee was put in place to incorporate NNPC Limited.
Thus, all shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance. jamb results
Mr Sylva added that although the current Petroleum Act has deregulated the oil sector, subsidy policies will remain in place till further notice.
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Furthermore, he said the passage of the PIA will also boost the nation’s oil reserves from 37 billion barrels to 40 billion barrels.
As reported by CHANNELS, in Sylva words: “The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its oil production to four million barrels per day and oil reserves from 37 billion barrels to 40 billion barrels while also drawing on the country’s estimated 600 cubic ft of natural gas to provide clean and efficient energy,” Mr Sylva said at the SEPLAT Energy Summit which held in Abuja”.
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