The Nigerian National Petroleum Company Limited yesterday officially marked the end of its operations as a corporation after the transfer of assets worth $60 billion, as well as the takeover of liabilities from the old NNPC, as prescribed by the Petroleum Industry Act .
Before now, he stated that financial institutions did not see the ability of the company to repay loans and therefore could not guarantee funding. Kyari stated that while the law provides that the NNPC could decide to leave a certain class of assets, the NNPC Limited has resolved to take over the entire assets and liabilities of the defunct corporation.
With the new law, the GCEO stated that there’s now a clear line of sight on the company’s financing operations, including the retention of part of the dividends and retention of 30 percent oil profits from Production Sharing Contracts . Kyari stated that the new NNPC was working to grow the country’s gas assets and will be able to deliver up to 8 billion SCF of gas into the domestic market in the near future.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NDDC seeks partnerships with NNPC to develop Niger DeltaThe NDDC MD led the executive management team to NNPC Ltd to propose a partnership for the speedy development of the Niger Delta, the commission said. 😂 Another Avenue to steal more funds
Source: PremiumTimesng - 🏆 3. / 78 Read more »
NNPC fixes March for oil drilling in NasarawaThe Nigerian National Petroleum Company Limited has announced its plan to drill for crude oil in Nasarawa State beginning on March 21, 2023. What have they done about Forcados and other major pipelines that they have been tapping oil from? Please my people.. Am Uber driver with a Diamond Status, I need car for higher purchase,or remittance. I know Abuja road map very well, and also any vacancy on Executive or company Driver with maitainance experience, Am available please. Call me on 09086452109 Good news
Source: MobilePunch - 🏆 8. / 63 Read more »
NNPC to begin oil drilling in Nasarawa - Official“We have seen a great potential for finding hydrocarbon in Nasarawa State and to confirm this, we are going to start drilling on March 21. What a phrase!? Drilling for oil in Nasarawa What happened to Bauchi/Gombe Wells?
Source: PremiumTimesng - 🏆 3. / 78 Read more »
NNPC Fixes March 21 to Begin Drilling of Oil in Nasarawa – THISDAYLIVEAll the drilling yet no fuel for the people. Stop this lies.
Source: THISDAY LIVE - 🏆 14. / 51 Read more »
Amount spent on subsidy now above N400bn monthly, says NNPCLNNPCL's Group Chief Executive Officer, Mele Kyari, disclosed this at the Headquarters of the oil firm at the ongoing Final Cutover to NNPC limited, from being a corporation. 400bn monthly spent on subsidy. Do you know how many industries this can build. How many roads. Go many GW of power we can generate. Gosh. And, that's thumbs up to you, abi? While we are buying fuel at 400/litr
Source: MobilePunch - 🏆 8. / 63 Read more »
Naira scarcity: Bank workers threaten to suspend operations over rising attacks | TheCableThe Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI) says it will direct its members to stay away from bank branches if the current attacks on Why always access bank Before nko! Many aren't even opening for customers.
Source: thecableng - 🏆 2. / 80 Read more »