Minister of State for Petroleum Resources, Timipre Sylva has said that the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months.
This follows the signing of the Petroleum Industry Bill into law on Monday by President Muhammadu Buhari.
Sylva, who spoke at a press conference in Abuja, said a transitional committee was already in place to incorporate NNPC Limited.
Channels Television reports that all shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.
The minister noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians.