NNPC finalising $6 bln worth of oil-for-product swaps

Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs […]

Igho Sanomi signs joint venture deal to build biofuel refinery in the US with African feedstock

Nigerian oil billionaire and non-executive chairman/founder of Taleveras, Igho Sanomi has signed a joint venture deal to build a biofuel refinery in the United States of America (USA) with African feedstock. Igho Sanomi, was featured in the last edition of Ventures Africa’s rich list as one of the continent’s youngest billionaires. The Proposed Integrated Biofuel […]

Oil rises on expectations of extended supply curbs


Oil prices were little changed on Tuesday as the market awaited direction from weekly U.S. inventory data and as Kuwait joined top producers Saudi Arabia and Russia in support of prolonging supply cuts through March 2018 to reduce a global crude glut. “We expect a rangebound trade today with prices largely confining to yesterday’s parameters […]

Oil surges 2.5 percent, soothes cyber nerves

People are reflected in a screen displaying the Nikkei average outside a brokerage in Tokyo

A bounce in oil and other commodities prodded stock markets higher on Monday, cushioning the hit to sentiment from a successful missile test by North Korea and a cyber attack that locked 200,000 computers in more than 150 countries. In Europe, another victory for Angela Merkel’s conservatives in a regional election in Germany also helped […]

Oil rises after Saudis, Russia agree supply cut to be extended

Russia's Energy Minister Alexander Novak and Saudi Arabia's Energy Minister Khalid al-Falih

Oil prices jumped 1.5 percent on Monday after the energy ministers of the world’s two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018. Brent crude was at $51.58 per barrel at 0621 GMT, up 74 cents, or 1.46 […]

12 ships discharging petrol, others – NPA

Seventeen ships are discharging petroleum products and other commodities at Apapa and Tin-Can Island ports in Lagos, the Nigerian Ports Authority (NPA), said on Friday. NPA explained that they were discharging buck wheat, petrol, general cargo, containers, salt, gypsum, bulk fertiliser, diesel, bulk sugar and bulk corn. 29 others laden with petroleum products, food items […]

Nigerian University spent N30m on electricity in March


Prof. AbdulGaniyu Ambali, the Vice-Chancellor, University of Ilorin, on Tuesday said the university spent over N30 million on electricity in March. Ambali disclosed this in Ilorin when he received members of the newly inaugurated Executive Council of the Postgraduate Students Association (POGSASS), in his office. He informed the POGSASS executives that it had invested heavily […]

Saudi Arabia and Russia signal oil-cuts extension into 2018

Some OPEC members also said to have discussed deepening curbs Producers seek to enhance deal amid doubts about effectiveness Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes. In separate statements just hours apart on […]