Category: Business News
Business News
TCN to inaugurate 1,400 capacity transformer by Jan ending
Determined to keep pace with anticipated increase in power generation in the country, the management of Transmission Company of Nigeria (TCN), announced plans to commission 1,400MW capacity transformers by the end of January, 2018, across the different geo-political zones of the country.The Interim Managing Director and Chief Executive Officer, Mr. Usman Gur Mohammed, made this…
Only National Assembly can appropriate on general subsidy -NNPC
The Nigerian National Petroleum Corporation (NNPC) has clarified a statement wrongly attributed to the Managing Director of Petroleum Products Marketing Company (PPMC), Mr. Umar Ajiya, suggesting that NNPC does not require the National Assembly’s nod to subsidize Premium Motor Spirit, otherwise called petrol.For the avoidance of doubt, Mr. Ajiya who was a guest at the…
Oil slips from three-year high as market seen vulnerable to pullback
Oil slipped from a three-year high amid speculation that a surge in hedge-fund buying had pushed prices up too quickly. U.S. crude futures lost 0.4% while in London Brent retreated from $70/bbl, a level it crossed last week for the first time since 2014. Money managers increased their bullish bets on U.S. crude to the…
Nigeria’s Shoreline in $530-million deal to boost oil output
Shoreline Group, a Nigerian oil producer, plans to almost double its crude output after agreeing a $530-million finance deal with Vitol Group and local lenders. Shoreline will seek to boost production to between 80,000 and 100,000 bpd this year, CEO Kola Karim said. The company currently pumps about 55,000 bpd. Besides Vitol, the world’s biggest…
NNPC targets huge investments in Nigeria’s Oil & Gas industry
The Nigerian National Petroleum Corporation (NNPC) is eyeing massive investments in the nation’s Oil and Gas Industry with a view to improving the nation’s revenue and creating jobs for the citizenry. Group Managing Director of the corporation, Dr. Maikanti Baru, who was represented at the occasion by NNPC Kaduna Zonal Manager, Alh. Aliyu Ja’afaru, disclosed this…
Power generation hits 4,327mw despite gas pipeline fire
Power generation in Nigeria increased by 1,100 megawatts in four days despite last Thursday’s fire incident that affected the Escravos-Lagos Pipeline supplying gas to some power plants.While the nation’s current transmission capacity was put at 7,000MW, network operational capacity stood at 5,500MW.Total electricity generation stood at 4,327MW as of 6am last Thursday, January 11, compared…
Sierra Leone inaugurates Solar Park Freetown project
In West Africa, Sierra Leone ended off 2017 on a high note as the Ministry of Energy inaugurated the Solar Park Freetown clean energy project. The President of Sierra Leone, Dr. Enest Bai Koroma, launched the landmark 6MW Solar Park Freetown Project together with the former minister of foreign Affairs, Dr. Samura Kamara and minister…
Oil marketers canvass for total deregulation of petroleum downstream sub-sector
By Energy Worth The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry.The marketers under the aegis of IPMAN and DAPPMA told journalists yesterday in Lagos that this was against the backdrop…
BBOXX to deliver pay-as-you-go solar to urban DRC
BBOXX, has launched large pay-as-you-go (PAYG) solar systems in the Democratic Republic of Congo (DRC). BBOXX is a provider of affordable, clean energy to off-grid communities.The collaboration is expected to meet the electricity demand for the people of DRC. This is through a technical collaboration with Victron Energy, manufacturer of components for solar energy systems….
US becomes gas exporter for the first time in 60 years
America’s trade imbalance just got a bit smaller. The U.S. has now become a net exporter of natural gas on an annual basis for the first time since at least 1957. Net exports averaged about 0.4 Bcfd last year, flipping from net inflows of 1.8 billion in 2016, according to Victoria Zaretskaya, a Washington-based analyst…