Depot and Petroleum Products Marketers Association (DAPPMA), said on Sunday, that unpaid subsidy arrears of over N650 billion by the Federal Government posed huge financial challenges to the downstream operations. DAPPMA Executive Secretary, Mr Olufemi Adewole, told the News Agency of Nigeria (NAN) in Lagos that the settlement of the debts owed them would save…
The lack of timely investments in building the LNG carrier fleet threatens market development and security of supply, which could materialize earlier than insufficient liquefaction capacity, Keisuke Sadamori, Director of the Office for Energy Markets and Security at the International Energy Agency, said earlier this week. The Paris-based energy watchdog’s comments come against the backdrop…
By Nixar Manek A self-declared republic in Somalia asked Ethiopia to reroute its nascent oil and gas exports via a proposed new pipeline, challenging Djibouti’s long-held plans for a conduit. The overture from Somaliland comes as Ethiopia begins exploiting an estimated 8 Tcf of natural gas and test-drilling for oil in its restive east. It’s…
Genera Manager, Engineering Services of Ajaokuta Steel Company, Babajide Suru, says another $652million would be required to complete the project. The Punch has reported. Suru also disclosed that about $6billion has already been sunk into the project, which puts it at 95 per cent completion. He disclosed this while briefing newsmen at the weekend, when…
By Martin Tillier Out of context, it seems slightly ridiculous, but many trading decisions come down to what I refer to as the “magic number” theory. Whether said number is derived from a complex calculation or simple observation, the fact is that a lot of trades are based on the belief that proximity to a…
Esther Abiola -Lagos In a bid to solve the problem of insufficient power in the nation’s private sector, the vice president, Professor Yemi Osinbajo has commissioned a 1.5Megawatt independent power project at the Sura shopping complex in Lagos. According to him, the project, which has the full support of the Federal Government through its energising…
By Irina Slav Global crude oil supply might need some cuts, Saudi Arabia’s Energy Minister Khalid al-Falih told state TV channel al-Ekhbariya as quoted by Reuters, to offset recent increases. “We (have) entered the stage of worrying about this increase,” the official said, adding any reduction in supply would go towards ensuring the stability accomplished…
By Tsvetana Paraskova China will lead global refinery capacity expansion and investments with 3.12 million bpd additional refining capacity and US$67.3 billion capital expenditure through 2022, data and analytics company GlobalData said in a new report. Total refining capacity in the world is expected to grow by 15.1 percent between 2018 and 2022, with global…
By Oke Peter The Executive Secretary of Nigerian Shippers Council (NSC), Mr Hassan Bello, has said Nigeria lost $25 billion to foreign ship owners between 2015 and 2017. Bello disclosed this when the Nigerian Fleet Implementation Committee paid a courtesy visit to the Minister of Budget and Planning in Abuja, Senator Udoma Udoma. Bello said…
By Oke Peter Spokesperson for Muhammadu Buhari Campaign Organisation, Mr Festus Keyamo, SAN, has denied collecting money from Nigerian National Petroleum Corporation, NNPC, to run the publicity department of the organisation. Keyamo, who is also the campaign organisation’s Director of Strategic Communications, said on Thursday, in Lagos that the organisation would not depend on public…
