Oil edges higher as concerns over supply disruptions mount
Post AMUGE
March 25, 2024
Business a.m. Tensions between Russia and Ukraine, and in the Middle East, led to a surge in oil prices on Monday, with Brent crude, the international benchmark, up by 1.2 per cent to $86.48 a barrel, while West Texas Intermediate, the U.S. benchmark, was also up by 1.4 per cent to $81.78 a barrel. As […]
Egoras unveils dual fuel tricycle
Business StaffNovember 30, 2023
Egoras Technology, a sustainable transportation solutions firm, has launched a gas-powered tricycle, Egoras Dual-Fuel Tricycle. The Chief Executive Officer of Egoras Technology, Ugoji Harry, said in a statement that the tricycle was designed to address the challenges posed by the recent subsidy removal. He noted that the tricycle offered a cost-effective solution for both urban […]
Evtec Energy plans 110 solar power plant for Tingo in Delta
Mike OchonmaMarch 1, 2023
BY MIKE OCHONMA Evtec Energy has signed a partnership with financial technology group MICT for a $150 million investment in Nigeria. Under the agreement, Evtec will build a 110 MWp solar photovoltaic (PV) plant to power a factory of Tingo Foods, MICT’s subsidiary in the country. The plant will provide clean energy to a […]
Ministers tell UK energy firms they must pass on price savings to customers
Businessam StaffFebruary 14, 2023
After a turbulent year of energy costs rising, ministers have warned energy firms that they must pass on the benefits of lower wholesale prices to consumers. Wholesale gas prices have fallen sharply in recent months, but this drop is yet to feed through into household bills because suppliers buy their energy months in advance. […]
New NDDC board faces jury over genuine development for region
BEN EGUZOZIEJanuary 9, 2023
By BEN EGUZOZIE Wike pushes regional development approach Economists call for Marshall Plan approach As regional masterplan abandoned for years New board promising sweeping changes The jury is now out to see what changes the newly inaugurated board of the Niger Delta Development Commission (NDDC) will bring to bear on the much neglected oil producing […]
Airlines to pay $222bn extra for fuel in 2022 – IATA
Innocent ObasiDecember 13, 2022
By Innocent Obasi The International Air Transport Association (IATA) has said that airlines are spending additional $222 billion on fuel. This was disclosed by Kamil Alawadhi, regional vice president for Africa and the Middle East at IATA, while speaking at the African airlines association general assembly in 2022 on Monday. Alawadhi said that despite the oil […]
Nigeria’s oil output rises to 1.59 million bpd, says NUIMS
Innocent ObasiDecember 7, 2022
By Innocent Obasi The NNPC Upstream Investment Management Services (NUIMS) has disclosed that Nigeria’s oil production has risen to 1.59 million barrels per day. Bala Wunti, the chief upstream investment officer of NUIMS, stated this while speaking at the ongoing 11th Practical Nigerian Content forum in Uyo, the state capital of Akwa-Ibom state. Wunti said […]
NNPC seals gas pipeline agreement with Morocco,5 West African countries
Innocent ObasiDecember 6, 2022
By Innocent Obasi The Nigerian National Petroleum Company (NNPC) Limited has signed a Memorandum of Understanding (MoU) with Morocco and five West African countries to finalise the Nigeria-Morocco gas pipeline project (NMGP). This was disclosed in a statement signed by Garba Deen Muhammad, Chief Corporate Communications Officer of NNPC Ltd. The statement noted that the […]
Obiang Lima to resume as OPEC president in 2023
Innocent ObasiDecember 6, 2022
By Innocent Obasi Gabriel Mbaga Obiang Lima, who is currently the mines and hydrocarbons minister of Equatorial Guinea will become the president of the Organisation of Petroleum Exporting Countries (OPEC) in 2023. This information was confirmed on the website of the African Energy Chamber (AEC). Commenting on the development, Nj Ayuk, executive chairman of the […]
Persistent fuel crisis further squeezes Nigerians’ pockets
Innocent ObasiDecember 5, 2022
By Innocent Obasi Waking up as early as 4 a.m. to rush down to a petrol station in order to be among the first on the queue has become a routine for many motorists across Nigerian cities. But even that is not a guarantee that they would get petrol to keep their cars […]