An Italian judge, Giusy Barbara, found out on Monday that Eni and Royal Dutch Shell were fully aware that their 2011 purchase of Nigeria’s Oil Prospecting Lease (OPL 245) would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about 1.3 billion dollars from…
Oke Peter with Agency Report With electricity supply, particularly from the distribution companies remaining at an average of nine hours a day in the first half (H1) of 2018, local manufacturers’ expenditure on alternative energy source stood at N43.19 billion during the period. Although electricity remained a core challenge of the manufacturing sector in H1…
The details of the “Desert to Power Initiative” have been outlined as part of the Paris Agreement climate change talks at COP24 in Katowice, Poland last week.Energy poverty in Africa is estimated to cost the continent 2-4 % GDP annually, according to the African Development Bank (AfDB), which is leading the project. The Initiative aims…
Zambia has denied the fake news by a US official that China is about to take over its state power utility to recover $6-10 billion debt, noting the utility was never provided as collateral and its debt to Beijing was only $3.1 billion. U.S. National Security Advisor John Bolton said on Thursday that China’s quest…
Mr Henry Ikem-Obih, Chief Operating Officer, Downstream, Nigerian National Petroleum Corporation (NNPC) says the Federal Government has paid the agreed N236 billion as first tranche of the outstanding subsidy claims to oil marketers. Ikem-Obi, who disclosed this in an Interview with the News Agency of Nigeria (NAN) on Monday in Abuja, said that government, through…
Delegates from nearly 200 countries on Sunday finalised a common rule book designed to deliver the Paris Climate treaty goals of limiting global temperature rises to well below two degrees Celsius (3.6 Fahrenheit). “Putting together the Paris agreement work programme is a big responsibility,” said COP24 president Michal Kurtyka as he gavelled through the deal…
Damilola Shittu – Abuja Barring the unforeseen, the $12 million Liquefied Petroleum Gas plant (LPG) currently under construction in Ikuru in Rivers State, by Green Energy International Limited (GEIL), operator of Otakikpo Marginal field in OML 11, will become operational by the second quarter of 2019. The 12MMSCFD capacity plant which Approval To Construct (ATC)…
Nigeria’s first gold refinery being built by Kian Smith Trade & Co Limited is billed to be completed by the end of June next year.There was already a significant monthly supply of gold from Zamfara, Kebbi, Kwara, Niger, Kaduna, Ibadan, Ile-Ife, and Ilesha and about 100kg per month from other parts of Africa,” said the…
Nigeria has so far saved over $1 billion through the application of the Direct Sales, Direct Purchase (DSDP) agreement, the architect of the system, Engr. Salihu Garba Aliyu has said. The Nation has reported. The DSDP, a swap agreement first signed in May 2017 by which crude oil is exchanged for equivalent amount of refined…
The government of Nigeria is suing Royal Dutch Shell, Eni and othotherer companies for more than $1 billion over a 2011 oil deal it says was tainted by corruption. According to the World Oil, the suit, filed Wednesday in London, alleges that money the oil companies paid to acquire an oil exploration license in the…
