It is a new birth for the Nigerian National Petroleum Company Limited as it transits into a profit-making oil corporation in Nigeria.
Since April 1, 1977, NNPC has operated as a government-owned corporation, during which it made investments and founded various subsidiaries around the world.
These subsidiaries operate at different levels in the global oil and gas market.
The performance of these companies has a huge role to play in the overall profit, and losses declared by NNPC limited.
In its most recent annual report, NNPC reveals 23 of its subsidies, 20 of which are 100% owned.
Statisense reports that the subsidiaries run businesses in both Nigeria and Europe, and several of them were founded in island countries.
NNPC Retail: 100%
Duke Global Energy Inv: 100% (UK)
Duke Oil Services UK: 100% (UK)
Duke Oil Company Inc: 100%
Nig Petroleum Dev Co: 100%
Warri Refining & Petrol Co: 100%
Nigeria Gas Company: 100%
PH Refining Co Ltd: 100%
Petrol Products Mkt Co: 100%
Nat Engr & Tech Co: 100%
Int Data Services Ltd: 100%
The Wheel Insurance Co: 100% (Guernsey, Channel Islands)
Nig Gas Mkting Co Ltd: 100%
Nig Pipelines & Storage Co: 100%
NNPC HMO: 99%
NGas Ltd: 62% (Bermuda)
Nidas Marine Ltd: 100%
Nidas Shipping Ltd: 100% (UK)
NNPC LPG: 100%
NNPC LNG: 100%
NNPC Oilfield Services: 99%
NNPC Gas & Power Inv Co: 100%
National Petroleum Telecoms Co: 100%
…Do and Don’ts
Meanwhile, President Muhammdu Buhari has set a new target for that new NNPC. In his speech at the unveiling, Buhari stated that the new NNPC has been repositioned for growth and must deliver.
The president also listed the dos and don’ts as he ushered in a new phase for the 44-year-old oil company