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Nigeria to privatize NNPC, amend royalties under draft oil reform bill

October 01/2020

MOSCOW (MRC) -- Nigerias long-awaited oil reform bill would privatize the Nigerian National Petroleum Company, amend changes to deep water royalties made late last year and scrap key regulatory agencies in favor of new bodies, according to a copy of the bill, said Reuters.

President Muhammadu Buhari has sent the bill to the Senate, which along with the House of Representatives must sign off on it before it can become law. Nigeria is Africas largest crude exporter.

The closely watched legislation has been in the works for the past 20 years, and the main laws governing Nigerias oil and gas exploration have not been fully updated since the 1960s because of the contentious nature of any change to oil taxes, terms and revenue-sharing within Nigeria.

As MRC informed earlier, Nigerian National Petroleum Corporation (NNPC) has fired 850 workers, many of them from refineries, amidst the coronavirus pandemic, an oil union said. The workers are both skilled and unskilled contractors, including technicians who helped maintain Nigerias oil refineries, said Lumumba Okugbawa, general secretary of the Petroleum and Natural Gas Senior Staff Association of Nigeria, speaking on the phone.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry.
Category:General News
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