Category: Business News
Business News
Nigeria to become exporter of refined fuel-Kachikwu
By Oke Peter The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that Nigeria will begin to export refined petrol and other petrochemical products within the next four years if plans to ramp up the country’s domestic refining capacity work out well. Kachikwu stated this recently in Abuja, while addressing journalists on…
Seven Energy intensifies capital restructuring
By Oke Peter Seven Energy International Limited and its wholly-owned subsidiary, Seven Energy Finance Limited has announced an update on its capital restructuring. The Group continues to progress discussions with Savannah Petroleum PLC and the Group’s lenders, including an ad hoc group of holders of the $300,000,000 10 ¼ % senior secured notes due 2021…
Expect reliable, stable power supply, Fashola assure Nigerians
By Oke Peter The Minister of Power, Works and Housing, Mr Babatunde Fashola, has assured Nigerians to expect more stable and reliable electric supply. He stated this on Thursday, while declaring open the 6th Powering Africa Nigeria Summit, at Transcorp Hilton Hotel, in Abuja. The event was organised by the EnergyNet Limited. While commending the…
Rosatom advocates sustainable energy mix for Nigeria
By Oke Peter A Russian State Nuclear Energy Corporation, Rosatom, has shared its best practices with participants of the annual Powering Africa Nigeria summit held in Abuja, Nigeria. The event, attended by high profile government officials from across the continents as well as representatives from global energy companies and organizations. During a panel discussion on…
Nigeria's electricity reform law friendly -Fashola
By Oke Peter The Minister of Power, Works, and Housing, Mr Babatunde Fashola, has described Nigeria’s electricity reform law — the Electric Powers Sector Reform Act (EPSRA) — which was passed in 2005 by the National Assembly, as the most perfect and one of the best in the world. Speaking during his opening remarks at…
Total targets French residential market with natural gas and green power,
Oke Peter An international oil giant, Total, said it has expanded residential gas and power distribution market in France with the introduction of Total Spring, a natural gas and green power offering that is 10 per cent cheaper than regulated tariffs. While commenting on the project, Chairman and Chief Executive Officer of Total, Patrick Pouyanné, said: “Although…
ExxonMobil announces 5th discovery Offshore Guyana
By Oke Peter ExxonMobil Corporation today announced it had made a fifth new oil discovery after drilling the Turbot-1 well offshore in Guyana. Turbot is ExxonMobil’s latest discovery to date in the country, adding to previous discoveries at Liza, Payara, Snoek and Liza Deep. Following completion of the Turbot-1 well, the Stena Carron drillship will…
Consumers to pay N450,000 fine for meter bypass –NERC
By Oke Peter Electricity consumers who bypass their meters will be forced to pay up to N450,000 as fine, the Nigerian Electricity Regulatory Commission (NERC) has declared. According to NERC, financial sanctions ranging from N50,000 to N450,000 for meter bypass by power consumers have been drafted by it and have been endorsed by the 11…
$24bn crude swap: Ex-PPMC boss to forfeit nine Dubai properties
By Oke Peter The Economic and Financial Crimes Commission (EFCC) has begun fresh moves to seize nine Dubai properties worth about N1.6bn, traced to a former Managing Director of the Petroleum Products Marketing Company (PPMC), Mr. Haruna Momoh. Already, the EFCC has obtained an interim forfeiture order from a Federal High Court in Lagos to…
Statoil, Shell and Total enter CO2 storage partnership
By Oke PeterInternational oil giants, Statoil, Shell and Total will today sign a partnership agreement to mature the development of carbon storage on the Norwegian Continental Shelf (NCS). The project is part of the Norwegian authorities’ efforts to develop full-scale carbon capture and storage in Norway. In June, Gassnova awarded Statoil the contract for the…