|
Major Changes in Nigeria's oil industry |
|
Written by Editorial Dept
|
|
Wednesday, 14 January 2009 16:21 |
|
ABUJA (Agencies) - Nigeria's new Oil Minister Rilwanu Lukman has replaced the head of state oil firm NNPC, appointing former acting OPEC secretary-general Mohammed Sanusi Barkindo to the role, the company said on Tuesday.
Barkindo, who served for 15 years as Nigeria's representative on the OPEC economic commission board and was its acting secretary-general in 2006, took up his new position on Monday.
Lukman is one of the architects of the planned restructuring of the Nigerian National Petroleum Corporation (NNPC), an inefficient bureaucracy whose overhaul industry executives see as vital if Nigeria is to reach its full production potential.
Funding shortfalls at NNPC's joint ventures with foreign firms including Royal Dutch Shell and Exxon Mobil have hampered their ability to fund new projects.
Among the reforms drawn up in part by Lukman, Nigeria plans to create an independent, profit-driven state oil firm that can raise funds by investing in the capital markets instead of relying on government revenue. |
