Nigeria: We're "Restructuring" Not Unbundling NNPC - Minister

Nigeria's Minister of State for Petroleum, Ibe Kachukwu, has said that the Federal Government was not unbundling but reorganising the Nigerian National Petroleum Corporation (NNPC).

The minister who spoke Wednesday to journalists at the presidential villa, Abuja, said he was concerned about reports that NNPC had been broken into separate entities. His comments followed the shutting down of NNPC by members Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and National Union of Petroleum and Natural Gas Workers. The oil workers protested the government's earlier announcement that the NNPC had been unbundled into seven independent entities. The new units, each to be headed by a Chief Executive Officers, are Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance and Accounts. But speaking Wednesday in reaction to the workers' strike, Mr. Kachikwu said, "We have not unbundled NNPC. We had a press conference yesterday where I explained this.

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