Category Archives: Oil&Gas

LCCI: Dangote’s $2b refinery project’ll boost downstream

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The Organised Private Sector (OPS) under the auspices of Lagos Chamber of Commerce and Industry (LCCI) said Dangote Oil Refining and Petrochemicals will transform the downstream oil sector of the petroleum industry. Beyond that, the group said the economic benefits of the oil refinery, when completed would have  far reaching positive effects on the lives […]

$12.7bn crude stolen from Nigeria in three years – Falana

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HUMAN rights lawyer and Senior Advocate of Nigeria, Femi Falana, on Thursday alleged that $12.7bn worth of crude oil was stolen from the country between 2011 and 2014. Falana spoke at the 40th anniversary celebration of the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja, and called for the immediate recovery from […]

Nigeria’s Senate to probe alleged $3.5 bln NNPC fuel subsidy fund

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There is indication that the Nigeria Senate would investigate an alleged $3.5 billion fuel subsidy fund at state-oil firm NNPC, lawmakers have. The Senate alleges NNPC used the fund to subside the price of imported petrol without the house’s approval, the lawmakers said. Fuel subsidies are a contentious issue in Nigeria, where prices are kept […]

Petrol price should be reviewed regularly – Oil marketers

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The Major Oil Marketers Association of Nigeria has said the pricing template for Premium Motor Spirit should be reviewed regularly to ensure that the price of the commodity reflects the reality on the ground. The news had reported last week that the landing cost of the PMS being imported into the country had risen to at […]

Waltersmith begins construction of 5,000bpd refinery

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Waltersmith Refining and Petrochemical Company Limited has expressed its readiness to contribute about 271 million litres of refined products annually towards the development of Nigeria’s economy. The Chairman and Chief Executive Officer, Waltersmith Petroman Oil Limited, Mr Abdulrazaq Isa, said the modular refinery being built by the firm would create direct and indirect employment as […]

NNPC Embarks on Multibillion Healthcare Venture to Curtail Medical Tourism

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2.    NNPC Moves To Curtail Medical Tourism With Multibillion Naira Healthcare Venture By Andy Nssien The Nigerian National Petroleum Corporation (NNPC) has teed-off a major national healthcare intervention project designed to halt medical tourism to foreign destinations through the provision of state-of-the-art hospitals and diagnostic centres across the country. Details of the medical venture plans published […]

Oil Exports To Hit Six-Month High in November

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Udo ONYEKA Nigeria’s oil exports will may hit its  highest point in six months in November, led in part by an increase in supply of the country’s four largest crude grades, according to loading programmes. Total loadings of Nigerian crude will rise to 1.876 million barrels per day in November, from October’s 1.652 million bpd. […]

Global Markets-Oil races toward $100 as stocks inch off 3-week lows

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Fresh sparring between Washington and Beijing over trade kept world stocks close to three-week lows on Wednesday, while a slight dollar pullback gave little respite to emerging markets, Indian rupee plumbied new record lows. Oil prices extended to 80 dollars a barrel as Hurricane Florence advanced and U.S. sanctions started weighing on Iran’s exports. Analyst […]

ExxonMobil: blockade threatens Nigeria’s oil production

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  Oil giant ExxonMobil has decried the blockade mounted by its former employees around its facilities in Nigeria. The oil firm said the activity threatens crude production and such “disruptions to these operations have the potential to significantly impact revenues.” It said the blockade was characterised by playing of loud music, defacing of company facilities […]

Oil marketers pledge support to curb pipeline vandalism

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday pledged  to work with the Nigerian National Petroleum Corporation (NNPC) to curb pipeline vandalism. Alhaji Ayo Alanamu, the IPMAN Chairman in Ejigbo Satellite Depot,  gave the assurance in an interview in Lagos against the backdrop of frequent pipeline vandalism on the network. A five-member gang […]