Category: Business News

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….

ExxonMobil and Renewable Energy Group (REG) has announced on Wednesday that by utilising REG’s patented fermentation technology, the companies’ joint research program has demonstrated the ability to convert sugars from a variety of non-edible biomass sources into biodiesel. According to the vice president, Research and Development, ExxonMobil Research and Engineering Company, Vijay Swarup, he said: “Our…

The Nigerian National Petroleum Corporation (NNPC) has declared its commitment to growing the nation’s crude oil reserves and increasing daily national production with a view to boosting the nation’s revenue generation.  Group Managing Director of the Corporation, Dr Maikanti Baru, stated this during the flag-off ceremonies of the NNPC/First E&P Oil Mining Leases (OMLs) 83/85…

The management of Ikeja Electric Distribution Company (IKEDC), has commenced a data capture exercise of customers across its network. The exercise, which entails capturing the phone numbers, contact details and e-mails of customers within her network, seeks to ensure that customers begin to receive records/data of their energy consumption and monthly bills on a real-time basis,…

THE Federal Government said on Friday, that it is planning to generate 20,000 megawatts of electricity over the next four years is on course. The Minister of State for Power, Alhaji Mustapha Shehuri, gave the assurance in Funtua, Katsina State, when he inaugurated a 132/33 KV transformer that would boost power supply to local governments…

Oil prices rose and Nasdaq Composite had its best day in nearly a year on Saturday, boosted by strong corporate earnings, while the euro posted its worst week of 2017 after the European Central Bank decided to prolong its bond buying to keep interest rates low. Oil prices jumped on support among the world’s top…

By Oke Peter The Economic and Financial Crimes Commission (EFCC), has expressed difficulty in arresting the former Nigerian petroleum minister, Dan Etete and Mohammed Adoke in the ongoing trial for the alleged diversion of $1.1 billion in sale of Oil Prospecting License, OPL 245. As a result, trial was stalled on Thursday, as prosecutors were…