The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by The Punch on Tuesday. He noted that…
Oke Peter with Agency Report Nigeria oil output has risen from 1.7 million barrels per day, mbpd, in March to 1.8 mbpd in April, 2019, indicating an increase a 5.3 percent improvement, month-on-month. In its market report obtained by our correspondent yesterday, the Organisation of Petroleum Exporting Countries (OPEC), indicated that its report was based…
THE Federal Government has started plans to connect all public buildings and institutions to solar (off grid) power, in a bid to achieve its electrification programme for the country. Minister of State for Power, Works and Housing, Mr. Mustapha Shehuri, made this known to newsmen, while speaking on investment on solar development in the country….
West African solar energy company, Daystar Power, has partnered with Trine a Swedish investment platform to finance solar plants in West Africa. The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public. ESI Africa reports that Daystar Power and Trine initiated their partnership by opening…
India’s Reliance Industries will shut for up to four weeks a 330,000-bpd crude oil processing unit at its 660,000-bpd Jamnagar refinery, beginning in the middle of June for planned maintenance, Reuters reported on Friday, citing two industry sources with knowledge of the company’s plans. The refinery predominantly supplies refined oil products to the domestic market….
Damilola Shittu – Abuja The Minister of Power, Works and Housing, Mr Babatunde Fashola says the power to revoke licenses of non-performing electricity Distribution Companies is vested in the Nigerian Electricity Regulatory Commission (NERC). Fashola said this on Thursday in Abuja at the 2019 Punuka Annual Lecture with the theme: “Rethinking the Model for an…
Oke Peter with Agency Report Sirieco, a Slovak company plans to set up a plant in Nigeria, to assemble electric cars and manufacture the new-generation incandescent bulbs, the company’s CEO, Groidis Peter, announced during a recent visit to the West African nation. The plant will be located at Calabar in Cross River State, South-East Nigeria,…
Construction of a one-million-barrel capacity onshore terminal in Nigeria has been approved by the Department of Petroleum Resources (DPR). Chairman of Green Energy International Ltd. (GEIL), Professor Anthony Adegbulugbe revealed the reports and said that issuance of the Approval to Construct (ATC) was sequel to the department’s review of the detailed engineering design for the…
Only seven out of the 87 deepwater oil blocks in Nigeria are producing, while six are at different phases of development, the Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has said. Baru also said more than half of the deepwater blocks were open and urged players in the oil and…
Jumoke Adelabu – Abuja Even though the Federal Government had anchored a significant part of its diversification programme on the mining sector, it made only N10.97bn from fees and royalties paid by mining operators in four years, an investigation has shown. In a document on the performance of the sector, the Minister of State for…
