The Nigerian government is looking to launch an initial public offering for assets owned by NNPC, its national oil and gas company by 2018, Nigerian Minister of Petroleum Resources and head of NNPC, Emmanuel Kachikwu said according to a Bloomberg report.
Included in the initial public offering will be shares in NNPC’s refining and distribution businesses, as well as “select” exploration and production assets. The sale is expected to help the state-run firm clean up its processes and run more efficiently.
NNPC will reorganize into four more efficient business units, rather than the more than a dozen, which are currently taking losses.
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