Category: Business News

By Energy Worth Reports have shown that fluctuations in the exchange rate of the Naira to the United States dollar, vandalism of gas pipelines and violence in parts of the country are preventing the sale of 10 electricity generation plants under the National Integrated Power Projects. It was also gathered that about $2.7bn profit that…

Sagamu Independent Power Plant A Private Developer in Power and Infrastructure, Sagamu Independent Power Plant Limited (SIPP) has announced the signing of an Engineering, Procurement and Construction (EPC) contract with Energy China for a 400MW Independent Power Plant (IPP) in Sagamu, Ogun state. According to The Guardian, the EPC contract, when finalised, Energy China will…

A pressure group, The Ken Saro-Wiwa Associates, have said that the Royal Dutch Shell and its Nigerian subsidiary the Shell Petroleum Development Company (SPDC), must accept responsibility and apologise for their complicity in the human rights violations and murder of Ogonis between 1993 and 1998. This was part of the resolution reached at the end…

A leading downstream company, OVH Energy, has announced the appointment of Huub Stokman as the new Chief Executive Officer (CEO). Prior to his appointment, Huub Stokman was the Head of Puma Energy International in Angola, responsible for the overall business, which included managing retail forecourt, terminal/logistics operations, as well as B2B business for fuels, lubricants,…

  By Agency Report Reports have discovered that over 192 trillion standard cubic feet of gas reserves yet to be tapped, while power plants in the Nigeria lacks adequate gas to run turbines, giving rise to N40.548 billion revenue losses by the sector in one month. The report, according to the Power Sector News, disclosed…

  By Energy Worth The Transmission Company of Nigeria (TCN), has disclosed that it has terminated four power transmission contracts which it said were delayed because the contractors lacked the capacity, and has engaged its engineers to complete them. The Managing Director of TCN, Alhaji Usman Gur Mohammed, disclosed this at the 24th monthly power…

The House of Representatives has expressed grave concern over the state of the country’s power sector, despite the huge investment and reforms initiated by successive administrations. The lawmakers who called for deliberate action towards averting imminent collapse of the power sector, warned that shortfall of about N1 trillion will put the sector at risk of…

  By Energy Worth The House of Representatives has mandated its Committee on Power to investigate the Power Sector Recovery Programme (PSRP) to resolve the incongruities in the draft of the programme. This was sequel to unanimous adoption of a motion by Rep. Abubakar Ahmed (Gombe-APC) on Thursday at plenary. Speaker of the House, Mr…

By Energy Worth The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Dr Mohammed Sanusi Barkindo, will be leading other global oil and gas industry leaders to participate in the Nigeria International Petroleum Summit (NIPS). This was disclosed by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at a world…