Lagos — Nigerian National Petroleum Corporation (NNPC) has solicited support and cooperation of the Central Bank of Nigeria (CBN) in the on- going reform of the oil and gas sector.

Group Managing Director of the Corporation, Dr. Mohammed Barkindo, said this yesterday, while on a courtesy visit to the CBN Governor, Alhaji Sanusi Lamido Sanusi, in Abuja.

Barkindo, who was accompanied by all the six Group Executive Directors (GEDs) of the Corporation, said for the oil reform to impact positively on the Nigerian economy, it must enjoy the full support of the apex bank.

He described the petroleum sector reform and the banking industry reform as major catalysts that are critical to the country's growth and development."Our industry, together with yours, has been intertwined for as long as I can remember, and for us in the Nigerian economy, the duo are inseparable.

"When we embarked on the reforms in the oil and gas sector, it became obvious that the reform must include the financial sector.

The impact of the financial market on oil and gas has become more and more evident even before the global meltdown," he said.

Barkindo said the complete disconnect between the oil market and the supply demand fundamentals in 2008, led to several abnormalities in the global financial sector, which affected the dollar negatively.

He said for the petroleum industry bill to succeed, there was every need for the Corporation to partner with the banking sector.

"Coming back home, we have seen the challenges of post consolidation, we have seen how the financial market impacted on the marketing sub sector.

"Therefore, implementation of the Petroleum Industry Bill when passed into law, the reforms that will sweep through the oil and gas sector would be massive and can only be achieved with a holistic synergy with the banking sector," he said.

Responding, Sanusi said reforms are always confronted with challenges and expressed his readiness to partner with the NNPC, as it transforms into a profit making National Oil Company that will boost the national treasury.

"For us in the CBN, we are totally in support of the PIB and we are totally in support of deregulation of the downstream sector of the Petroleum industry, because it would create a conducive environment that will ultimately attract investors into the Nigerian economy," Sanusi said.

He urged Barkindo to continue with the reforms in the petroleum sector, irrespective of the prevailing challenges, saying they were critical to the banking sector in Nigeria.