Nigeria imports 5.61bn litres of petrol between April and June – NBS

Businessam StaffAugust 7, 2019

The National Bureau of Statistics said 5.61 billion litres of premium motor spirit (PMS) were imported into the country in the second quarter of 2019. The NBS disclosed this in its “Petroleum Products Importation and Consumption (Truck Out) Statistics (Q2 2019)” report released in Abuja. It said 1.38 billion litres of Automotive Gas Oil (AGO) […]

FG approves Nigerian Gas Flare Commercialization Programme report on SOQs evaluation exercise

July 17, 2019

THE FEDERAL GOVERNMENT has approved the statements of qualification (SOQs) evaluation report presented by the inter-ministerial committee of the Nigerian gas flare commercialization programme (NGFCP). Folasade Yemi-Esan, permanent secretary, ministry of petroleum resources, conveyed the ministry’s approval in her supervisory capacity over the affairs of the ministry following the successful completion of the evaluation exercise […]

Oil edges up as storm hampers U.S. supply, glut forecasts weigh

Businessam StaffJuly 12, 2019

Oil futures edged up on Friday as U.S. Gulf of Mexico crude output was halved by disruptions caused by a tropical storm, but concerns over a global surplus in the months ahead limited gains. Brent crude futures were up 31 cents to $66.83 a barrel by 11:21 a.m. EDT (1521 GMT). U.S. West Texas Intermediate […]

We’re not getting forex at N305/$1, oil marketers lament

July 5, 2019

The Major Oil Marketers Association of Nigeria has said its members are not getting foreign exchange at N305 to a dollar for the importation of Premium Motor Spirit, also known as petrol. The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than a year as private oil […]

NNPC pays ExxonMobil Nigeria affiliate $833.57m final cash-call arrears, three years ahead of repayment plan

Phillip IsakpaJuly 4, 2019

Three years ahead of a scheduled repayment agreement, state-owned oil company, Nigerian National Petroleum Corporation (NNPC) has paid ExxonMobil’s Nigeria affiliate, Mobil Producing Nigeria $833.57 million in final and full settlement of its cash-call obligation, the corporation announced in a statement made available to business a.m. The NNPC had signed what it tagged Cash-call Repayment […]

Oil supertanker bound for Syria detained in Gibraltar

July 4, 2019

British Royal Marines and officials in Gibraltar have detained the supertanker Grace 1 suspected of carrying crude oil to Syria, in breach of European Union sanctions, the government of Gibraltar said. In a statement the government said it had reasonable grounds to believe that the Grace 1 was carrying its shipment of crude oil to […]

Smugglers move Nigeria’s petrol to Mali, Ghana, others — NNPC

July 4, 2019

Smugglers of premium motor spirit, popularly known as petrol, smuggle the commodity to as far as Burkina Faso, Mali and Cote d’Ivoire, the Nigerian National Petroleum Corporation stated on Wednesday. The NNPC also stated that the commodity was being smuggled to neighbouring Ghana, adding that this was largely due to the price disparity of PMS […]

NNPC largest gas supplier to power sector in Nigeria, says Baru

Ben EguzozieJuly 3, 2019

The Nigerian National Petroleum Corporation (NNPC) remains the largest supplier of gas to the nation’s power sector, Maikanti Baru, the corporation’s group managing director has asserted. Baru made the disclosure during the inauguration, at the weekend, of a compendium produced by the corporate services directorate of the NNPC in Abuja, and attributed the feat to […]

EU okays 165m euros for Nigeria’s renewable energy

July 1, 2019

European Union (EU) has approved 165 million euros to support Nigeria’s renewable energy programme, Ketil Karslen, E.U’s head of delegation to Nigeria and Economic Community of West African States (ECOWAS), said all was set for the funds to support the aspirations of the federal government to improve electricity supply  and grow the economy. He said the […]