![]() “What this means is that, this company will start paying taxes and royalties as any other companies, and also declare the debt withshareholders at the end of every year,” Kyari said. The bill also made it clear that the assets and liabilities of NNPC will be transferred to the new company, while some toxic ones may be left for NNPC. “The bill clearly states that the corporation will be transformed into a CAMA company. The report indicated that by its new status, NNPC will pay taxes and dividends to its shareholders like other companies. Liabilities of the NNPC will be transferred to the new company. I think this is a very exciting moment for us as a country.” Speaking on changes in the corporation’s assets after the PIA with regards to the incorporation of NNPC as a company under the Company Allied Matters Act (CAMA), the NNPC boss reiterated that all assets and “The combination of these is that NNPC will be the house of opportunities, expand our partnerships, and it will be a very big opportunity for new investors and the country. Friendly business environment will guarantee cost recovery and a decent return on investment for investors. “So the combination of these three to new investors and existing investors is that they can now take opportunity of the industry. “For our investors what this means is that there is clarity of our physical environment, there is also a very robust commercial framework, there is also a competitive physical framework. ![]() “What is logic to us is to bring us abound with the best of physical environment that is available in the world, bringing us to a place where also structure of regulation that is also in line with best practices in the world clearly separating the upstream from the midstream and downstream so that our focus can come back to the part of the industry The technocrat explained:“We are aware that the whole world is becoming a petroleum territory and no country will survive except you have a very competitive physical environment. Since he came on board in 2019 as NNPC helmsman, Kyari, who has focused in ensuring the passage of the very important legislation, has been major advocate on the need for the lawmakers to pass the bill which heĭescribed as a “game-changer for Nigeria’s oil and gas industry.” “What happened in the last few days is simply a transformation of activities and transformation of the environment for doing business making our country very competitive.” We have been very stagnant for over 24 years without any physical change. “For over 20 years, we have made attempt to change our petroleum negotiate so that we will be in line with expertise industry, which will lead to smarter opportunities. ![]() “It will also refocus on gas development in our country such that as we know gas is the new oil. On the impact the new law will have on the nation’s oil and gas industry, Kyari said: “It will help us to have a very transparent, clearly competitive physical framework, where you get to see opportunities on where you can put your money and also get back your money with some benefits. “The passage of the PIB will also attract capital, strengthen cost recovery and ensure decent returns on investment,” Kyari told the audience. Shedding more light on the new petroleum law, Kyari, who has been in the forefront of transforming the oil and gas industry and contributed significantly to the new structure, said it is expected to promote goodgovernance in the oil and gas sector in tandem with the internationalīuhari had on Augsigned the PIB after it was stuck in the National Assembly for more than a decade. He spoke as guest of honor at a Fireside chat organized by Persecondnews in Houston, Texas, on Thursday, at the sideline of the ongoing Offshore Technology Conference, OTC. Kyari, who is the Managing Director of the Nigerian National Petroleum Corporation (NNPC), also said the Act will also attract huge capital globally into the country’s oil sector, strengthen cost recovery and ensure decent returns on investment. ![]() (AFRICAN EXAMINER) – The Petroleum Industry Act (PIA) just accented to by President Muhammadu Buhari will transform the nation’s petroleum industry into a hub of business opportunities, Mallam Mele Kyari, has said.
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