Oil Price Plunge: NNPC Unbundles PPMC into Three Firms

The Nigerian National Petroleum Corporation, NNPC, on Wednesday, February 3, announced the unbundling of one of its subsidiaries, the Pipelines and Products Marketing Company (PPMC) into three different companies in order to guarantee energy efficiency and security.

Minister of state for petroleum, Ibe Kachikwu, listed them as Pipelines Company, Products Marketing Company and a storage company.

The minister, who noted that the petroleum industry is currently undergoing fundamental changes in the face of dwindling global crude oil prices, canvassed the support of members of the National Assembly to allow the NNPC solicit for funds from private local and international investors to execute its capital projects.

Kachikwu made the appeal when he received the House of Representatives Committee on Petroleum Downstream at the NNPC Towers in Abuja during their oversight visit to the Corporation.

Also, the Corporation pledged to collaborate with the National Assembly to ensure efficiency and transformation of the downstream sector of the petroleum industry.

He informed the legislators that the NNPC had complied with the federal government’s directive on the Treasury Single Account (TSA) which, according to him, promotes probity and accountability in the day-to-day operations of the Corporation.