In a bid to consolidate its foothold on the shipping business in Nigeria and boost profitability, the Nigerian National Petroleum Corporation (NNPC), has unveiled plans to set up a subsidiary to provide refueling services to ships and other ocean-going vessels. A statement by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu,…
By Irina Slav Saudi Arabia could earn US$161 billion (605 billion riyals) this year from crude oil sales, versus a budgeted US$131 billion (492 billion riyals), local financial services provider Al Rajhi Capital said in a report published this weekend. The company noted improvements in the economic growth of the Kingdom on the back of…
Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November. The News Agency of Nigeria (NAN) has reported. Brent crude oil was up at 78.09 dollars a barrel. U.S. crude was 10 cents higher at 69.90 dollars. The two benchmarks have risen strongly over…
A tacit endorsement of President Muhammadu Buhari’s decision not to sign the troubled Petroleum Industry Governance Bill (PIGB) appear came from some stakeholders in the Niger Delta, who view the proposed law as inimical to the interest of the region.They were, however, quick to stress that they were not averse to the reformation of the…
The Transmission Company of Nigeria (TCN) has said that electricity distribution companies (Discos) would have to invest about $4 billion over the next three years to be able to match its ongoing expansion of the national grid to take up to 20,000 megawatts (MW) of electricity generated in the country, and also distribute same by…
By Scott Belinksi As Iran is turning to the UN’s International Court of Justice to have the US-imposed sanctions against its oil suspended, the EU is preparing for the hit its economies will have to absorb once the full weight of Washington’s punitive measures comes into effect in the fourth quarter of this year. With…
Communities in the oil-producing local government areas of Edo State, comprising Orhionmwon, Ikpoba-Okha and Ovia North-East have praised Governor Godwin Obaseki for providing a new direction for the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC), which resulted in the approval of funds for industrialisation and education projects in their communities. The projects…
By Oke Peter In its efforts to build on the success recorded at the recently-concluded Sustainable Energy Finance Workshop (SEFi 2018), First City Monument Bank (FCMB) has announced that it will hold a ‘Blockchain networking event’ aiming to improving participants’ knowledge of blockchain technology as a useful tool for Renewable Energy Solutions. The networking event…
There will be power outage for two days in parts of Enugu metropolis between August 31 and September 1. The Enugu Electricity Distribution Company (EEDC) will be embarking on major repairs of its facilities at the New Haven Injection Sub-Station. EEDC’s Head of Communications, Mr Emeka Ezeh, announced this on Friday in Enugu. According to him,…
By Suraj Oyewale The news, early this week, that President Muhammadu Buhari has refused to assent to the Petroleum Industry Governance Bill (PIGB) and has returned it to the Senate, struck me like a thunderbolt, not because it shattered my professional forecast that the bill will come into force before the end of this administration,…
