Iledare said this in an interview with the News Agency of Nigeria , in Abuja on Tuesday.
He said that the proposed new national oil company in the PIB seemed more of a rebranding of the existing one.
“Using the word scrapped to describe the proposition on NNPC is inappropriate. It is more a rebranding than scrapping.
“The new NNPC as a limited liability corporation is not a new thing with respect to transformational thinking for national oil companies.
He assured that the assembly would provide the oil industry with a legislation that would make it more effective and efficient at the end of the day.
“We are glad that the bill is now in the National Assembly, although not before the national assembly,” Lawan had said.
Iledare, further commenting on the recommendations for the regulatory agencies in the sector, said that the idea to create different regulators for upstream, midstream and downtrend was a remarkable one.
“Regarding the other regulatory institutions in the proposal, I certainly have no problems with separating downstream regulatory institution from upstream.
“The challenge is getting the competent workforce required and how to avoid the tendency of government coming up with unfitting mode in recruitment.
“But let us see the details for substantive comments,” he added.
“If you are talking about transforming the industry, the only new thing that we are introducing is the development of the midstream, that is the pipeline sector,” he said.
He added that via the PIB, the industry would be transformed, the Petroleum Equalisation Fund (PEF), and the Petroleum Products Pricing Regulatory Agency (PPPRA), would not exist in the same form that they are.
Edited By: Chioma Ugboma/Donald Ugwu