Category: Business News

ExxonMobil has announced that it is partnering with two Singapore universities to open a Singapore Energy Center in 2019 to focus on new discoveries and significant improvements to technologies that could improve energy production, and enhance energy efficiency and other efforts to mitigate the risk of climate change. ExxonMobil signed a memorandum of understanding with the…

The Minister of Finance, Mrs. Kemi Adeosun, has declared that changing the Nigerian economic psyche is not an easy task, stating that the current tax drive of the President Muhammadu Buhari administration was not designed for short-term lure of political expediency. In an article captioned: ‘All Change: Nigeria is Not An Oil Economy,’ Adeosun said: By…

By Oke Peter The Nigeria’s power sector lost 2,648.7 megawatts (mw) on the October 29 to line and gas constraints, according to the daily electricity generation report by the Federal Ministry of Power Works and Housing. The daily report, obtained by Energy Worth, put the utilized generation capability of Geregu Nigerian National Integrated Power Project…

Nigerian airlines spend more on aviation fuel than their counterparts in other parts of the world, experts in the industry have said. On the average, Nigerian carriers are said to spend about 40 per cent of their expenditure on fuel, whereas their counterparts globally spend about 29 per cent, showing a difference of 11 per…

The management of Port Harcourt Electricity Distribution Company (PHEDC), has commiserated with the families of those who died recently in Calabar following an electrical accident. Recall that a 11KV feeder snapped on Tuesday, October 24, night at Inyang Street, Adak Uko, Calabar, and dropped on two buildings, setting them on fire. The two people who…

The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Agip Oil Company (NAOC) Joint Venture is set to boost the Federal Government’s power generation aspiration by 480 megawatts (MW) through the completion of its Okpai Phase II Independent Power Project (IPP) by 2019. This was disclosed in Abuja, on Thursday, during the inauguration of the…

Total and Erg have signed an agreement with the Italian Group, API, to sell their fuel marketing and refining assets in the TotalErg joint venture (Erg 51%, Total 49%). Following the divestment of the LPG and Commercial Sales businesses, this third transaction completes the sale of all TotalErg’s assets, for a total amount of around €750…

The Federal Government will early next year select successful bidders from the list of 26 firms, which sent in bids for selection to refurbish Nigeria’s four state-owned refineries. Minister of State for Petroleum Resources, Ibe Kachikwu, announced this recently that 26 firms have shown interest in the plan to overhaul the nation’s oil refineries located in…

The Nigerian National Petroleum Corporation (NNPC) has expressed confidence that the aggressive exploration of the inland basins being driven by the corporation would soon yield success with hydrocarbon finds in commercial quantity. This was disclosed by the Group Managing Director of NNPC, Dr. Maikanti Baru, when he received a delegation of the Nigerian Association of…

An integrated end-to-end solar provider headquartered in Dubai, Phanes Group, has announced Mozambique native, Marlon Dos Santos, as the winner of its first Solar Incubator program. The evaluation was held by a panel of international experts from Hogan Lovells, Proparco, responsAbility, RINA Consulting and Solarplaza. The goal of the Phanes Group Solar Incubator is to…