New National Nigerian Oil Co to be Called Napcon

IBADAN, Nigeria Sep 21, 2007 (Dow Jones Newswires)

Nigeria's new national oil company, formed through the restructuring of the country's oil and gas sector, will be known as National Petroleum Co. of Nigeria, or Napcon, press reports said Friday.

The existing National Petroleum Corp. will become part of the new company.

Napcon will be a fully integrated oil and gas company competing locally and internationally in all sectors of the industry, Emmanuel Egbogah, chairman of the Oil and Gas Sector Implementation Committee, was quoted as saying in This Day newspaper.

He added said commercial and business activities will be carried out by Napcon, which could be a commercial holding company that could acquire commercial funds from the capital market.