South Africa’s competition watchdog has approved Glencore’s roughly $900 million bid for Chevron’s local and Botswana assets, bolstering its chances of scuppering a rival bid from China’s Sinopec. The News Agency of Nigeria (NAN) has reported. Chevron agreed last year to sell its stake to state-owned Sinopec before miner and commodities trader Glencore swooped in…
Mainstream Energy Services Limited (MESL) has increased its generation from 542 megawatts (Mw) to 922Mw and plans to increase it to 1,300Mw. MESL was licensed as a power generating firm in 2011. It acquired Kainji and Jebba Hydro Power Plants through a concession agreement in November 2013. The two plants are 100km apart with Kainji…
The Chief Technical Officer, Kano Electricity Distribution Company (KEDCO), Mr David Olu Omoloye, has advised the Federal Government to completely privatise the power sector so as to get the best from it. Speaking during an inaugural and investiture ceremony the Chairman, Nigerian Institution of Power Engineers (NIPE), Kano State Chapter, organised for him and other…
By Tsvetana Paraskova Panama is carrying out studies for potential oil exploration, hoping that recently discovered oil fields in neighboring Colombia close to Panama’s border could extend into Panama. Panama is 100-percent dependent on crude oil and refined oil products imports, although it is home to one of the most crucial shipping lanes in the…
By Energy Worth The Bureau of Public Enterprises has invited Expressions of Interest from prospective investors who are interested in purchasing 60 per cent stake in Afam Power Plc and Yola Electricity Distribution Company Plc (YEDC). The Head of Public Communications at the privatisation agency, Mrs. Amina Othman, confirmed this in a telephone interview with…
By Energy Worth Crude oil price has risen from $72.50 to $74.17per barrel in the international market as a result of limited inventories in the United States and Iran sanctions. In its report obtained by Vanguard, yesterday, the American Petroleum Institute stated that US crude stocks fell last week by 5.2 million barrels. The development,…
By Energy Worth Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26bn in the first seven months of this year. The country saw its oil export revenue rise by 30 per cent to $34bn in 2017 from $26bn in…
By Energy Worth Efforts by the Nigerian Stock Exchange (NSE), to woo multinational companies in the telecoms, and oil and gas sectors to list on the nation’s bourse may continue to ‘hit a brick wall’, unless government withdrew completely from private business. More so, regulators must interface with government to create appropriate regulation, tackle liquidity…
By ZeroHedge A tanker with 19 crew members on board is feared to have been hijacked after it went missing in pirate-plagued waters off Gabon in West Africa and no word has been heard from it for a week, the ship’s managers and the crew agency said on Wednesday. Communication was lost with the Panama-registered…
By Nick Cunningham Saudi Arabia is still clearly in control of the oil market. The narrative that decisively took hold over the oil market in August was one of cracks in emerging market demand, concerns over the health of the global economy and fears over the fallout from the U.S.-China trade war. Turkey’s currency crisis…
