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Nigerian gov't says to re-organize oil sector

Xinhua, November 16, 2016 Adjust font size:

The Nigerian government on Tuesday said it will reorganize the country's oil sector to improve its economy.

In a report titled "2016 Nigerian National Petroleum Draft Policy", the country's oil minister, Ibe Kachikwu said the government was tuning up to look beyond oil exports amid dwindling price of the commodity in global market.

"Our vision is to move Nigeria beyond crude oil exports into value added activities in oil, namely refining and petrochemical industries," the report said.

The vision is also to expand from oil into gas-based industrialization, based on the as-yet largely untapped large gas reserves in Nigeria, the report stated.

Local experts have said the new policy would finalize and gazette a comprehensive gas policy, unlock gas potential and ensure effective development of Nigeria's gas market.

The new policy is also expected to help the nation transit from gas flare penalty regime to gas commercialization and shift focus from government-built to investor-built infrastructure.

The government said the restructuring would bring about efficiency and business enhancement in the oil sector. Endit