Category: Business News
Business News
Wood loggers damage Oji River Nsukka transmission line, cause power disruption in Nsukka town
The Transmission Company of Nigeria regrets to announce that activities of wood loggers in Ukana town, by Nineth Mile-Nsukka road, Enugu, have damaged the transmission line between Oji River and Nsukka in Enugu State, cutting off electricity supply to the 2x 7.5MVA 66/11KV transmission Substation in Nsukka, which supplies electricity to Nsukka town in Enugu…
Crude looks unstoppable as hedge funds take bets to new high
The enthusiasm in the oil markets is breaking records.Hedge funds reported record wagers on continued price increases for both U.S. and global oil benchmarks, along with gasoline and diesel. Meanwhile, producers are hedging production at record rates as oil experiences its best January since 2006.“There is a lot of interest in the direction of crude…
Solution to fuel crisis beyond FG -Reps
By Energy Worth The chairman, House of Representatives Committee on Water Resources, Hon. Aliyu Ahman-Pategi, on Monday hinted that the protracted crisis in the downstream sub-sector of Nigeria’s oil economy which led to the current fuel scarcity in the country would not be abated for now as it has gone beyond the federal government power…
ExxonMobil to release 4th Quarter, Year 2017 Financial Results
Exxon Mobil Corporation will release fourth quarter and full year 2017 financial results on Friday, February 2, 2018. A press release will be issued via Business Wire and available at 7 a.m. CT at www.exxonmobil.com.Jeff Woodbury, vice president of Investor Relations, will review the results during a listen-only conference call at 8:30 a.m. CT. The earnings presentation can…
FG owes NNPC N170.6bn outstanding subsidy payments
*NNPC GMD, Dr Maikanti Baru, exchanging pleasantries with the investigating team. The Nigerian National Petroleum Corporation (NNPC) Monday in Abuja revealed that the Nigerian Federation was indebted to the corporation to the tune of N170.6 billion outstanding subsidy payments due from January 2006 to December, 2015.Leading a team of Top Management of the NNPC to the…
OGFZA, NPA partner on Free Zone Operations
By Energy Worth The Oil and Gas Free Zones Authority (OGFZA) has opened discussions with the Nigerian Ports Authority (NPA) to forge closer ties on a range of issues from use of land in the ports where oil and gas free zones are located to strategic cooperation.The strategic engagement move between the two government agencies…
Oil’s heavy hitters line up to dive into Mexico’s deep waters
The once-giant crude nation whose output plunged in the past decade is enticing the world’s richest explorers with cut-rate prices for drilling rights to its most coveted offshore fields. The Jan. 31 auction for access to 29 deepwater tracts comes as $70/bbl crude lifts foreign drillers from the worst market slump in decades. ExxonMobil Corp.,…
Kaduna Refinery shut over lack of crude
By Energy Worth with Agency ReportThe Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.The Executive Director, Services, of KRPC, Abdullahi Idris, disclosed this to the News Agency of Nigeria (NAN) in Kaduna.He said the refinery, whose fuel plant was inaugurated in 1980, was functioning…
Dangote receives land for $150 million solar power project in Kano
*Alhaji Aliko Dangote, President, Dangote Group. Kano State government has handed over 150 hectares of land to Dangote Group for the development of a United States $150m Dangote/Black Rhino solar power plant in Zakirai, Gabasawa local government area.Managing Director, Stakeholder Management Dangote Group, Alhaji Bello Danmusa received the land on behalf of Aliko Dangote.The handing…
Nigeria can’t rely on rising oil prices, finance minister says
By Energy Worth Africa’s top oil producer is learning to ignore crude prices, Nigeria’s Finance Minister Kemi Adeosun said. “We’ve gotten to a point where we don’t care,” whether oil prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja….