Tuesday, September 11, 2007

Nigeria bids to build global oil group

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Nigeria will soon have a global powerhouse that will mimic Russia's Gazprom, and Brazil 's Petrobas.

Nigeria has announced plans to transform its near-bankrupt state-owned oil company into a global player. The aim is to break a legacy of corruption and mismanagement and thrust the business into the ranks of increasingly influential national energy companies.

Analysts say the Nigerian National Petroleum Corporation (NNPC), a majority partner in the country’s joint ventures with established multinationals, has long served as a reservoir of cash feeding Nigeria’s venal political system.

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