TVC E – The Nigerian National Petroleum Corporation (NNPC) has been unbundled into seven units in a major restructuring of the 39-year-old oil giant.
Minister of State for Petroleum Resources Dr. Ibe Kachikwu yesterday announced the new structure at a briefing in Abuja.
The minister, who is also the Group Managing Director of the organisation, said President Muhammadu Buhari approved the restructuring.
He said: “The new NNPC comprises a lean headquarters and four autonomous business units.”
They are: Upstream Company, Downstream Company, Refinery Company and Gas/ Power Company.
According to him, the Upstream Company will now comprise of NPDC and the IDSL. The Downstream Company consists of Retail, NPMC and NPSC, the Refinery Company consists of WRPC, KRPC and PHRC while the Gas and Power is now made up of NGPTC, NGMC and Gas and Power Investment.
Kachikwu said the Federal Government has approved the appointment of Chief Executives for the companies: They are: Bello Rabiu as CEO of the Upstream Company; Henry Iken Obih for Downstream; Anibor Kragha for Refineries and Saidu Mohammed for Gas and Power.
He denied announcing the unbundling of the corporation into 30 companies, saying the GMD is still the Chief Executive of NNPC.
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