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) […]
NNPC chief warns against dragging corporation into politics as NEITI pledges support
Businessam StaffAugust 7, 2019
The public should be wary of attempts that are sometimes made to drag the Nigerian National Petroleum Corporation (NNPC) into politics through request for information under the Freedom of Information law, Mele Kyari, group managing director (GMD) of the corporation has said. Kyari spoke when Waziri Adio, executive secretary, Nigeria Extractive Industries Transparency Initiative, (NEITI), […]
FG gets Siemens’ plan to raise power supply to 25,000mw
Businessam StaffAugust 5, 2019
The federal government has received a comprehensive plan, ‘the Nigeria Electrification Roadmap: Technical and Commercial Proposal,’ from German power firm, Siemens, on how the firm would help raise the country’s power supply capacity to 25,000 megawatts (MW). The implementation of the plan might be led by the Bureau of Public Enterprises (BPE) on behalf of […]
Seplat eyes completion of 160,000 bopd Amukpe-Escravos pipeline
Businessam StaffAugust 1, 2019
Seplat Petroleum Development Company Limited is hopeful of bringing on stream its Amukpe-to-Escravos pipeline before the end of this year. The company said the 160,000 barrels of oil per day (bopd) pipeline is at the commissioning phase, with hydro testing which began early July. Completion and export of oil to the permitted capacity of 40,000 […]
Oil rises on Iran tensions, U.S. inventory decline
Businessam StaffJuly 25, 2019
Oil rose more than $1 on Thursday amid Middle East tensions and a big fall in U.S. crude stocks, but prices faced downward pressure from weak manufacturing data in Western nations indicating slowing economic growth that could reduce fuel demand. Brent crude futures LCOc1 were up 68 cents at $63.86 a barrel by 1325 GMT, […]
FG approves Nigerian Gas Flare Commercialization Programme report on SOQs evaluation exercise
Businessam StaffJuly 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 […]
TCN targets capacity of 10,000mw
Businessam StaffJuly 12, 2019
The Transmission Company of Nigeria (TCN) is planning to raise the transmission wheeling capacity of the power grid to 10,000 megawatts (MW) as it moves to achieve its target by re-conducting seven critical lines nationwide this year. It also revealed that it has recovered 775 stranded containers from 800 units abandoned for over ten years […]
Nigeria ‘may not reap’ all the benefits of AfCFTA because of poor electricity supply
Businessam StaffJuly 11, 2019
The Association of Power Generation Companies (APGC) says Nigeria may not reap the benefits of the African Continental Free Trade Area (AfCFTA) as a result of poor electricity supply. In a statement, Joy Ogaji, executive secretary of APGC, umbrella body of generation companies (GenCos), said adequate power supply is critical in the nation’s quest for […]
Electricity returns to South-East, as EEDC pays TCN N2.433bn
Businessam StaffJuly 5, 2019
There are indications that electricity consumers will witness full supply in the South-East States of Anambra, Enugu, Imo, Abia and Ebonyi, as Enugu Electricity Distribution Company, EEDC, has paid N2.433 billion to the Transmission Company of Nigeria, TCN, thus enabling it to be reconnected to the national grid. TCN had suspended EEDC from Market Operator […]