The federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products, PREMIUM TIMES can report today. The diversion details are coming amidst revelations from accusations the Nigerian National Petroleum Corporation (NNPC) has a $3.5…
Esther Abiola – Lagos The Senate has denied plans to reverse the privatisation of the power sector, despite clamour by stakeholders. Speaking during a visit of the Senate Committee on Power to Ikeja Electric Headquarters in Lagos, the Chairman, Senate Committee on Power, Steel Development and Metallurgy, Senator Enyinnaya Abaribe, described the current situation in…
By Oke Peter The leading event dedicated to the African Oil and Gas industry, Africa Oil Week (AOW) 2018 has come to an end, after a five-day content-packed conference and exhibition in Cape Town, South Africa. The intelligence business platform saw over 1,500 delegates from around the world exchanged thoughts and latest insights taking place…
AfDB says 645m people without electricity in Africa Although, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in Nigeria. Fashola, at a post-invent interview with…
The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production. Mr Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’…
By Oke Peter Schneider Electric in Nigeria has been awarded the Nigerian Content Equipment Certificate on its assembly facility owing to its commitment to the country’s local content policy. The certification, which was awarded by the Nigerian Content Development and Monitoring Board (NCDMB), attests to the fact that the firm owns the assembly facility which…
The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat. In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. That’s a threefold increase from the U.S. low reached a…
By Tsvetana Paraskova As many nuclear power plants in the United States risk closure before their operating licenses expire, earlier shutdowns will not threaten the reliability of US electricity, but could result in more emissions because zero-emission nuclear power will likely be replaced by fossil fuels such as natural gas and coal, the Union of…
By Irina Slav An Aframax oil tanker traveling under a Maltese flag has collided with a Norwegian frigate in the North Sea, Norwegian media have reported, with the frigate in danger of sinking. There were 23 people on board of the Sola tanker. Most of them have been evacuated as well, save for a crew…
Egypt signed a deal on Thursday with Saudi Arabia’s ACWA Power to build a power plant in southern Egypt involving investment of $2.3 billion, the Egyptian electricity minister said. The plant, which will have capacity of 2,250 megawatts (MW), would be built in Luxor province in southern Egypt, the minister told a news conference. He…
