Exclusive: Nigeria targets sale of 40 percent of new state oil firm - draft bill
Nigeria plans to split state oil company NNPC into two to help ease a planned stake sale and wants to sell at least 40 percent of a newly created National Petroleum Co (NPC) in coming years, according to a draft of a long-awaited oil bill seen by Reuters.
The bill envisages the sale of at least 10 percent of NPC over five years and is targeting 40 percent or more over 10 years, as Africa's top oil exporter seeks to fix a cash shortage that is hampering investment at NNPC and end graft.
Parliament is to start debating within days the amended Petroleum Industry Bill, in the works for a decade and designed to change everything from taxes to environmental rules and revenue sharing, as well as overhauling NNPC.