Nigeria To Resume Fuel Imports From Niger Republic

Nigeria to resume fuel imports from Niger Republic

Nigeria, Africa’s biggest oil producer, is set to resume the importation of petroleum products from a neighboring country, the Niger Republic. The Ministry of Petroleum Resources announced on Thursday in a statement that the two countries signed a Memorandum of Understanding Thursday for petroleum products transportation and storage. According to the statement, Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, has an installed refining capacity of 20,000 barrels per day. “Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 BPD,…

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South-South Governors, Lawmakers Meet Over Oil & Gas Control

South-South Governors, Lawmakers meet over oil & gas control

Governors from the South-South states are meeting in Port Harcourt tomorrow to take a common position on why Zamfara state can take ownership of its gold reserve and their states cannot lay similar claims to crude oil. Governor of Delta State, Ifeanyi Okowa hinted about the meeting. He said ministers and lawmakers from the region are attending. Okowa said no law of the country permits Zamfara State Government to control and manage gold deposits in the state He said the governors of the South-South region will soon take up the…

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Anambra Oil Theft, Gov. Obiano Alerts FG Theft

Anambra Oil Theft, Gov. Obiano Alerts FG Theft

The Anambra State Governor, Willie Obiano, has alleged that a certain oil company is “stealing” the state’s oil in Ogbaru, Ogbaru Local Government Area of the state. Obiano said the company had illegally explored oil in the area for six years. He said, “The firm has been operating in Ogwuaniocha and Ogwuikpele communities since 2014 without proper registration with the state government in compliance with the rules in the oil exploration industry.” The governor called on the Federal Government to intervene in “the illegal activities of the company”. Obiano stated…

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Petrol Price To Increase When Oil Rate Goes Up – Sylva

Petrol price to increase when oil rate goes up – Sylva

The Minister of State for Petroleum, Timipre Sylva, has said Nigerians would soon get used to hiking in the price of fuel. Sylva also said the petrol price would always increase whenever the oil rate had gone up. He spoke in an interview with State House correspondents after a meeting he had with President Muhammadu Buhari at the Presidential Villa, Abuja. He said, “Petrol is refined from crude oil, so the petrol price is directly related to the price of crude oil in the market. “So, if I buy crude…

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Exxon Mobil And Chevron Report Losses On Low Oil Prices

Exxon Mobil And Chevron Report Losses On Low Oil Prices

US oil giants ExxonMobil and Chevron reported another quarter of red ink Friday as uncertainty over oil demand dented by the coronavirus forced the petroleum sector to rein in spending. While both companies were hit by low commodity prices, driven the worldwide business and travel shutdowns, ExxonMobil had the bigger loss and again faced tough questions from investors over its strategy as shares tumbled. The reports came a day after ExxonMobil announced it was cutting 1,900 US jobs, part of a plan to reduce global headcount by about 15 percent through…

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Global Fund and Chevron: United against HIV, tuberculosis (TB) and Malaria

Global Fund and Chevron: United against HIV, tuberculosis (TB) and Malaria

The Global Fund and Chevron Corporation have celebrated a 12-year partnership that served as an example of the private sector’s contribution to the fight against infectious diseases and to building resilient health systems. Apo Chevron, a Global Fund partner since January 2008, has supported Global Fund programs against HIV, tuberculosis, and malaria for a total investment of US$60 million in Angola, Indonesia, Nigeria, the Philippines, South Africa, Thailand, and Vietnam. Chevron’s partnership has contributed to helping more than a million people living with HIV access lifesaving antiretroviral therapy; supported efforts…

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Buhari, Just Privatise The Refineries – Punch

Buhari, just privatise the refineries – Punch

Certainly, there is no gainsaying the fact that the refineries run by the Nigerian National Petroleum Corporation have been in a sorry state for many years. Despite so-called turnaround maintenance and rehabilitation that gobbled up billions of taxpayers’ money, the country saw the fortunes of the refineries take a drastic turn for the worse. The criminal waste of resources on the refineries must stop. Today, more than 60 years after the country started producing and exporting crude oil and gas, all the government-owned refineries, located in Port Harcourt, Kaduna, and…

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Sahara Energy Invests $450m In Cote d’Ivoire To Boost LPG Supply

Sahara Energy Invests $450m In Cote d’Ivoire To Boost LPG Supply

Sahara Energy Resource Limited, a member of the energy conglomerate, Sahara Group, has since 2014 ploughed over UDS450 million into facilitating the supply of Liquefied Petroleum Gas (LPG) to Cote d’Ivoire as the nation continues its quest for cleaner cooking fuel options. Although the 2014 population and housing census (RGPH 2014) in Cote d’Ivoire showed that 78% of households use wood and charcoal as their cooking fuel while 22% use gas, the National LPG consumption has grown from 175KT in 2013 to 380KT in 2019, following increased availability of the…

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PPPRA Says FG Spends N8.9tr On Subsidy BSetween 2006 and 2015.

PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the Federal Government has spent a total of N8.94 trillion on oil subsidy between 2006 and 2015. The agency disclosed this in a document on subsidy payment released in Abuja. It said that the subsidy was paid to oil marketers and the Nigerian National Petroleum Corporation (NNPC) in the period under review. A breakdown of the money indicated that in 2006 a total of N257.36 billion was paid, in 2007, N271.51 billion while in 2008 N630.57 billion was paid to marketers. ‘Also,…

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Construction, Oil & Gas, others spur Banking Sector NPL by N148bn in 6 months- NBS

construction

The Non-Performing Loans (NPLs) in the Nigerian Banking sector increased by N148.26 billion in the first half of 2020 Data from the Nigerian Bureau of Statistics (NBS) has revealed. The NBS’s NPL data which shows a significant drop of N728.94 billion representing a 40.75 percent decline in NPLs between the end of December 2018 and the same period in 2019 saw the NPL figures grew again as of June 2020. Data Source: NBS A review of the date however revealed that loans to four sectors: Construction, Oils and Gas, Reals…

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