Senate passes Petroleum Industry Bill, PIB
http://ift.tt/eA8V8J …New Bill unbundles NNPC, scraps PPPRA, DPR, others …Moves assets, liabilities of NNPC, others to 3 new entities …NUPENG, PENGASSAN laud Senate …We’ll soon pass PIB —Reps By Henry Umoru, Victor Ahiuma-Young & Emman Ovuakporie ABUJA—THE Senate, yesterday, in a historic move, passed the Petroleum Industry Bill, PIB, almost 17 years after the process started. With the passage of the bill, which is tagged, Petroleum Industry Governance Bill, PIGB, a new regulatory agency, known as Nigeria Petroleum Regulatory Commission, NPRC, would take over the functions of Petroleum Inspectorate, PI, the Department of Petroleum Resources , DPR, and the Petroleum Products Pricing Regulatory Agency, PPPRA. The new commission, among other things, will also administer and enforce policies, laws and regulations relating to all aspects of petroleum operations which are assigned to it under the provisions of the Act. With the bill is signed into law, two new companies, Nigeria...