United States High Commission Consul General John Bray has said an estimated $1.3billion American businesses in Nigeria are currently under threat. The threats, according to him, are coming from instability in exchange rate, policy inconsistency, poor electricity, dearth of infrastructure, regulatory and security issues. Bray spoke in Lagos at the 2018 International Investment Conference with…
THERE are indications that the inability of the country’s refineries to meet domestic demand for petroleum products may have affected the Nigerian National Petroleum Corporation (NNPC), projected annual revenue savings of $1 billion. Accordingly, the Corporation hopes that in 2020 it would copy the measures taken to realize the savings of around $1 billion seen…
Damilola Shittu – Abuja President of the Senate, Dr Abubakar Bukola Saraki, has said that the Senate on resumption of plenary will further probe the claims made before the Senator Ahmad Lawan’s Adhoc Committee by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), on how and why the corporation was diverting the…
Iran will sell its oil and break sanctions reimposed by the United States on its vital energy and banking sectors, Iranian President Hassan Rouhani told economists at a meeting broadcast live on state television on Monday. “America wanted to cut to zero Iran’s oil sales … but we will continue to sell our oil ……
The House of Representatives could reopen the probe into an alleged $1.348 billion power sector fraud levelled against General Electric (GE) and Rockson Engineering Nigeria Limited. The issue, which has lingered for years, will not be swept under the carpet, vowed chairman of the House Committee on Power, Dan Asuquo, in an interview at the…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) has disclosed that a total of 230.35 billion cubic feet (Bcf) of natural gas was produced in the country in July this year, averaging a daily production of 7,678.17 million standard cubic feet (mmscfd). The figure represents a 8.81 per cent increase over the previous…
Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati said that the United States failed in sanctioning Iranian oil. “Today, it has been clear for everyone that the United States has been defeated in sanctioning Iranian oil and minimizing it into zero level completely under any pretext.” He made the above remarks on his…
Presented on October 1 by the Minister of Finance, Colm Imbert, the 2019 budget forecasts GDP to increase by 1.9 percent this year before rising to 2.1 percent by 2021, reversing a trend that has seen the economy contract by 1 percent and 6 percent in the previous two years, respectively. The expansion is projected…
By Nick Cunningham OPEC and the United States are together adding enormous volumes of new supply, which together have softened the oil market. In October, OPEC hiked oil production to the highest level since 2016, back before the oil production cuts went into effect, according to a recent Reuters survey. The higher output, led by…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC), on Thursday, said it has signed a six-month crude-for-product swap agreement otherwise known as Direct Sale-Direct Purchase (DSDP) with BP Oil International Limited, the trading arm of British Petroleum (BP), for the supply of Premium Motor Spirit (PMS) also known as petrol. In a statement…
