Nigeria's state-run oil firm sets up new gas company

ABUJA, July 3 (Reuters) - Nigeria's state-run oil firm NNPC said on Friday it will create a new gas company to regulate the disbursement of supplies to domestic and export markets.

The Strategic Aggregator Company (SA), a limited liability firm, will initially be led by Oil Minister Rilwanu Lukman and have exclusive rights as the liasion between gas buyers and sellers in Nigeria for five years.

The OPEC member hopes to become one of the world's top four natural gas suppliers in the coming years but wants to meet soaring domestic demand before it allows foreign firms to reap the profit of exporting its reserves.

The new company will "act as the focal point of contact for would be purchases and suppliers of gas -- looking to secure gas from the domestic supply obligations imposed by the federal government," said NNPC spokesman Levi Ajuonuma.

NNPC said it will hold a large equity share in the new company, but also invited other gas companies to become stakeholders.

Lukman will head the company until a board is formed and a general managing director is appointed. Legislation is pending in parliament to create a regulator to oversee the new firm.

Nigeria, as part of its gas master plan, has invited foreign oil companies to help explore and develop its gas reserves, the world's seventh largest at around 180 trillion cubic feet.

But Africa's biggest oil and gas producer has insisted any investment must first focus on delivering gas to its 140 million residents.

Nigeria expects domestic gas demand to grow by more than 20 percent each year, reaching 10 billion cubic feet per day by 2015 from around 500 million in 2000.