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NNPC To Hold First IPO By 2018 – Kachikwu by Babalawal(m): 11:18am On Jan 13, 2016 |
The federal government is planning to hold its first
initial public offering (IPO) of assets owned by the
Nigerian National Petroleum Corporation (NNPC) in
2018, the Minister of State for Petroleum Resources,
Mr. Emmanuel Kachikwu, has said.
“It’s inevitable,” Kachikwu, who also heads the NNPC,
said on Tuesday in an interview in Abu Dhabi.
“Part of the cleaning up process that we’re doing is to
prepare for that,” Bloomberg quoted him as stating.
The plan is to sell NNPC’s shares in its refining and
distribution business and “select” exploration and
production assets to the public, he said.
NNPC manages Nigeria’s stakes in joint ventures with
international oil companies that pump the country’s
crude. It also operates refineries and a distribution
network of depots and pipelines across the country
of about 180 million people.
Kachikwu also said yesterday that some members of
the Organisation of the Petroleum Exporting
Countries (OPEC) had requested an emergency
meeting, adding that current market conditions
support the need to hold such a gathering before the
June 2 scheduled meeting of the cartel.
The United Arab Emirates (UAE), however, moved to
quash talks of a potential emergency meeting as the
country’s Energy Minister Suhail bin Mohammed al-
Mazroui said that the current OPEC strategy was
working, adding that a period of between one and
one-and-a-half years was needed to allow oil prices
to rebound.
Reuters quoted Kachikwu as telling reporters at an
energy conference in Abu Dhabi that there was a lot
of push from various blocs within OPEC for the
meeting.
“A couple of countries, I don’t want to mention
names,” he said when asked if any had requested
holding an emergency meeting.
According to him, any meeting that would take place
would be to review OPEC’s position to see if there
was any need to change its strategy, adding that the
meeting could take place in February or March.
OPEC heavyweight, Saudi Arabia, which has resisted
calls for a cut in production to help boost prices, was
also said to be against an emergency meeting. https://www.today.ng/business/65426 |
Re: NNPC To Hold First IPO By 2018 – Kachikwu by ayindepremier: 11:34am On Jan 13, 2016 |
I see good day ahead! God bless Nigeria! |
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