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 […]
We’re not getting forex at N305/$1, oil marketers lament
Businessam StaffJuly 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
Businessam StaffJuly 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
Businessam StaffJuly 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 […]
Shell’s oil flow station to reopen as July 1 set for signing MoU with OML25 communities
Ben EguzozieJuly 3, 2019
To pay N1.349bn to community in two weeks Parties to renegotiate GMoU Shell Petroleum Development Company (SPDC) and stakeholder communities of its Oil Mining License (OML) 25 in Akuku-Toru Local Government Area of Rivers State in Nigeria have agreed on the procedures for the re-opening of the oil flow station, which was shut down […]