Nigeria May Sell Stake in State Oil Company in Industry Overhaul
- Government proposes NNPC become a limited liability company
- Shares to be owned by finance ministry on behalf of government
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A long-awaited bill that could reorganize the petroleum industry of Nigeria, Africa’s biggest crude producer, makes provision for a possible sale of shares in its powerful state oil company.
Draft legislation presented to parliament also suggests the Nigerian National Petroleum Corp. be independent of government, with no recourse to state funding. It seeks to establish “a commercially oriented and profit driven national petroleum company.”