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FG Unveils Implementation Timeline For New Petroleum Industry Law

Chief Timipre Sylva
Minister of State for petroleum resources, Mr timipre sylva

By Gift Eguavoen

The federal government on Tuesday gave insights into the implementation timeline for the kick off of the newly enacted petroleum industry law.

Minister of State for Petroleum Resources, Mr Timipre Sylvia who disclosed the timeline at a meeting in Abuja,  said fuel subsidy policy would however, be retained untill further notice.

He noted that although the oil sector has been deregulated by the  new petroleum act, fuel subsidy policy will remain in place pending when an actual deregulation framework will be established.

According to the minister, an implementation framework for actual deregulation will be established to mitigate the impact of total fuel subsidy removal on ordinary Nigerians.

On the commercial mandate of the corporation under the new law,  Sylva who disclosed that a transitional committee is already in place to incorporate the Nigerian National Petroleum Corporation (NNPC), said the corporation would become a commercial entity within six months as provided in the new law.

He explained that all shares in NNPC Limited will be vested in the government at incorporation and held by the Ministry of Finance, according to the provisions of the law.

Extractive 360 reports the President Muhammadu Buhari on Monday signed the Petroleum Industry Bill (PIB) into law, after almost two decades in the making,  thereby throwing open a new vista of opportunities for the Nigerian oil and gas sector.

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