Oil prices jumped on Monday after the United States and China agreed a 90-day truce in a trade dispute, Canada’s Alberta province ordered a production cut, and as exporter group Organisation of Petroleum Exporting Countries (OPEC) looked set to reduce supply. US light crude oil last traded $1.31, or 2.6 per cent, higher at $52.24….
The Federal Government has been granted $200 million loan for the funding of the nation’s electrification project. “The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP),” AfDB said in a statement. “The Africa Growing…
Africa50, an infrastructure investment platform founded by the African Development Bank and African States, in partnership with Energy Futures Initiative (EFI) has announced the United States launch of the gas report on “Investing in Natural Gas for Africans: Doing Good and Doing Well” at a ceremony held recently at the Atlantic Council Headquarters. In June…
Nigeria’s leading electricity distribution company, Ikeja Electric Plc (IE), has won the 2018 SERAS Innovation Prize at the SERAS Awards, held at the MUSON Centre, Onikan, Lagos, last weekend. The company bagged the prestigious award, in a category that focused on innovative and sustainable ideas with positive environmental impact on society, which was keenly contested…
By Irina Slav Mexico’s state oil company Pemex said it produced an average 1.76 million bpd of crude in October, down 7 percent from October last year, Reuters reports, citing data released by the company. This is also one of the lowest monthly production rates since 1990 when records began. The decline was attributed to…
Qatar is to leave OPEC next month, the Gulf state’s new energy minister, Saad al-Kaabi, announced on Monday. “Qatar has decided to withdraw its membership from OPEC effective January 2019,” Kaabi said at a Doha press conference. He added that OPEC was told of the decision on Monday ahead of the announcement.
Damilola Shittu – Abuja The Shell Petroleum Development Company of Nigeria Limited and its joint partners have signed a gas supply and aggregation agreement that will support the 140-megawatts Aba Integrated Power Project in Abia State. The agreement, which is between the SPDC, Geometric Power Aba Limited, and Gas Aggregation Company of Nigeria, was signed…
Zambia is seeking proposals from potential developers of solar power projects with a combined 200 megawatt (MW) capacity as it tries to diversify its energy mix away from hydroelectric power. Energy Minister Matthew Nkhuwa said in a statement at an investment conference on Tuesday that the 200 MW would be split into small projects, each…
Oil marketers on Sunday in Lagos issued a seven-day ultimatum, demanding that the Federal Government settle the outstanding debts totalling N800 billion, failing which depots would cease operation across the country. The marketers, comprising Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association and Independent Petroleum Products Importers, said failure to meet…
Esther Abiola – Lagos Nigeria is planning to supply electricity to Burkina Faso, a West African country, amid cries of acute power deficit by Nigerians. Managing Director/Chief Executive Officer, Mainstream Energy Solutions Limited, operators of Kainji and Jebba Hydro power plants, Mr Lamu Audu, said this at the Annual Power and Utilities Roundtable organised by…
