By Tsvetana Paraskova The United States sanctions on Venezuela’s oil industry have tightened the global heavy to medium crude oil market, sending oil buyers scrambling for alternatives to the heavy Venezuelan oil. Refiners in the United States and Europe have started to replace Venezuela’s oil with some of the crudes produced closer to their home,…
Damilola Shittu – Abuja The Federal Government has given its nod to three firms to proceed with the financial bids opening in the bid to acquire Afam Power Plc, an electricity generation company. It has also given approval to one firm, Quest Electric Nigeria Limited, to proceed with financial bid opening for Yola Power Plc,…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) says it has reduced cash call arrears owed to international oil companies, its Joint Venture partners, by $1.5bn. The corporation has cash call arrears of $5.1bn. Group Managing Director of NNPC, Dr Maikanti Baru, said this at the 12th National Conference of the Nigerian Association…
Agency Report The Minister of Finance, Mrs. Zainab Ahmed has disclosed that the federal has commenced discussion with the World Bank with a view to take a $1 billion loan for the development of the power sector. Also, Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said that the current foreign…
Construction of a US $75m liquefied petroleum gas (LPG) plant in Liwatoni area of Mombasa, a coastal city in Kenya, has commenced. According to the Construction Review, the onshore storage and filing facility, whose construction works shall be overseen by Mansa East Africa Ltd, a two firms’ joint venture by US company Petredec and Kenya’s…
The managing director of the Transmission Company of Nigeria (TCN), Usman Mohammed, has revealed that the company has begun the execution of a $170 million power transmission project called the Abuja Feeding Scheme. Mohammed said TCN targets to build five new transmission substations under this programme, which will be built over a period of 24…
Nigeria has launched its first organic waste power-generating plant in the University of Nigeria, the first indigenous university in the country, located South East of the country with the aim of cubing power outages which are frequent and random in the country. The project, which was initiated by the former vice chancellor of the institution,…
Damilola Shittu – Abuja The Petroleum Product Pricing Regulatory Agency (PPPRA) has put the country’s daily supply of Premium Motor Spirit, otherwise known as petrol, at 56 million litres. In a statement signed and made available to our correspondent in Abuja on Sunday by the Executive Secretary, Abdulkadir Saidu, PPPRA said that daily supply of…
South Africa is set to receive the US $300 boost from the Development Bank of Southern Africa (DBSA) and New Development Bank (NDB) after they the signed a loan agreement to facilitate the Greenhouse Gas Emissions Reduction in the Energy Sector Development project in the country. The agreement was reached at the fourth yearly meeting…
The International Monetary Fund has criticised the government of Nigeria for mismanaging the Excess Crude Account and not saving enough for the rainy day. The News Agency of Nigeria (NAN) has reported. The Director, African Department at the IMF, Abebe Selassie , in an interview with Nigerian journalists after presenting the regional economic outlook on…
