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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here         Daily Independent Online.         * Friday,July 16, 2004. NNPC set to revoke oil bloc licences By Dennis Mernyi Special Correspondent, Abuja   Unless oil block owners commence exploitation by January 2005 they will have their licences revoked, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Funsho Kupolokun, has said. Speaking with journalists on Thursday in Abuja after an interactive session with the visiting Algerian Minister of Mines and Energy, Dr. Chakib Khalli, the NNPC boss said the move has become necessary because most of the allottees have refusd to exploit them within the specified period provided in the transactions. By implication, the licenses of those oil blocks would not be renewed in the next round or allocation in 2005, which according to Kupoloku is based on non-performance. The NNPC chief also highlighted future plans by the corporation to ensure effective supply of petroleum products and possible ways to establish harmonious relationship with other oil producing countries especially in Africa. The visiting Algerian minister said he is in the country with his team of experts on the authority of the president of their country to work out modalities with the NNPC boss on how to commence work on trans Saharan Gas Project, which the two countries stand to benefit immensely from.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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