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NNPC to hold first IPO by 2018

13 January 2016, 17:08

Abuja - 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.

Also read: NNPC to throw account books open for public scrutiny

Kachikwu also said on Tuesday 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.

“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.

But Kachikwu insisted that “Saudi Arabia has never held the position that it does not want to talk”.

“In fact, it was very supportive of a meeting before June, at the time when we held the December meeting, if (there was a) consensus call for it,” Kachikwu added.

- News 24


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