Category: Business News

By Oke Peter The Nigerian government is planning to generate 3,000MW of electricity by the year 2020. The plan includes 10, 000 mini-grids which will energize under served off-grid communities across the country. The Managing Director, Rural Electrification Agency (REA), Mrs Damilola Ogunbiyi disclosed this at the on-going energy conference on Mini Grid in Abuja….

Hanwha Total Petrochemical, a 50/50 joint venture between Hanwha and Total, will invest more than $300 Million to expand its integrated refining & petrochemicals platform located in Daesan, South Korea. The investment will increase the site’s polyethylene capacity by more than 50% to 1.1 million tons per year by the end of 2019. This project…

A 30MVA 132/33kV power transformer of the Transmission Company of Nigeria (TCN) was  lost to fire yesterday afternoon at the Nkalagu  transmission substation, Enugu. In a statement signed by the GM Public Affairs, Mrs.  Mbah, TCN said that the Old 30MVA power transformer which had already been earmarked for replacement in line with TCNs Transmission…

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has called on foreign investors to partner with the Corporation in its multi-billion dollar projects expected to come up in the New Year. Dr. Baru, who made the call in London at the Forbes Award on him, said the Corporation would…

By Oke Peter After serving for five years as the Chairman of the Nigerian Electricity Regulatory Commission (NERC), playing a role part in the power sector privatisation exercise for the federal government, the immediate past chairman of NERC, Dr. Sam Amadi, last night condemned the privatisation of Nigeria’s power sector, saying it was not the…

The oil and gas giant, Eni, together with its Area 4 Partners, announces that the Coral South FLNG multi-sourced project financing achieved financial close, for a total amount of $4,675,500,000. Coral South FLNG is the first project sanctioned by the Area 4 Partners for the development of the considerable gas resources discovered by Eni and…

By Oke Peter EnergyNet will host the second Regional Energy Co-operation Summit in Côte d’Ivoire from 24-25 January 2018 – a strategic platform for project evolution and partnership development. The conference will discuss opportunities for cross-border power projects and potential gas investments across West Africa. At the first Regional Energy Co-operation Summit in January 2017,…

ExxonMobil announced today a partnership with retailer Grupo Orsan to open eight Mobil-branded service stations this week in Querétaro as part of the company’s entry in Mexico’s fuels market. ExxonMobil plans to open 50 Mobil stations in the Bajio region by the end of the first quarter of 2018. ExxonMobil is the first company to fully…

Statoil has given the final go-ahead to a flagship Arctic oil project after slashing costs by half. While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production. In a striking illustration of how oil companies have adapted to lower…

The Nigerian National Petroleum Corporation (NNPC) has once again emphasized that there is no plan to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming yuletide. The NNPC in a release informed that the ex-depot petrol price of N133.38 per litre and the pump price of…