Category: Business News

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…

Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc has announced unaudited results for the nine months period ended 30 September, 2017, with the following highlights: Commenting on the results, the Group Chief Executive, Oando Plc, Mr Wale Tinubu said: “Our third-quarter financials are reflective of the success…

In its bid to consolidate on the successes recorded in the steady supply and distribution of petroleum products across the country, the Nigerian National Petroleum Corporation (NNPC) has mapped out strategies to boost security around its depots and pump stations to ensure they remain functional. Managing Director of the Nigerian Pipeline and Storage Company (NPSC),…

By Oke Peter The management of Ikeja Electricity Distribution Company (IKEDC), has said on Wednesday, that there would be an interruption of power supply to some parts of Lagos from November 3 to 10. The Head, Corporate Communications, Ikeja Electric, Mr. Felix Ofulue, said the outage was part of the strategic efforts to improve power…

The price of Organisation of Petroleum Exporting Countries (OPEC) basket of fourteen crudes stood at $58.27 a barrel on Monday, compared with $57.55 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon),…

By Oke Peter In its avowed commitment to ensure unimpeded supply of petroleum products and safeguard the environment through reduction of carbon emission, the Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with the Ondo State Government to establish a 65,000 million litres per annum biofuel plant in Okeluse, Ondo State….