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 […]
EU okays 165m euros for Nigeria’s renewable energy
Businessam StaffJuly 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 […]
Oil slips below $66 ahead of G20, OPEC meeting
Businessam StaffJune 27, 2019
Oil slid below $66 a barrel on Thursday, pressured by concerns over whether the G20 summit will produce a breakthrough on trade and perceptions that supply is ample despite the prospect of continued Organisation of the Petroleum Exporting Countries (OPEC) curbs. U.S. President Donald Trump said on Wednesday a trade deal with Chinese President Xi […]
NNPC begins oil exploration in Benue
Businessam StaffJune 26, 2019
The Nigeria National Petroleum Corporation (NNPC) will commence oil exploration in Benue state next month. As the exploration begins, Benue State government has assured management and staff of security and safety of its staff. Governor Samuel Ortom gave the assurance during a Government House, Makurdi when the NNPC exploration team led by Dorathy Umoetok, executive […]
This is why Nigeria is sliding into darkness
Businessam StaffJune 25, 2019
The nation’s power generation dropped to 3,390.7 megawatts on Monday as seven plants, including three built under the National Integrated Power Project, sat idle. Electricity generation has been hovering around 2,600MW and 3,800MW as of 6.00 am every day since the start of this month, according to data obtained by our correspondent. It plunged to […]
DisCos demand cost recovery framework to invest in electricity
Businessam StaffJune 20, 2019
The electricity distribution companies (DisCos) have demanded a cost recovery framework before making investments in power distribution. Speaking at a seminar for the preparation of performance improvement plans (PIP) by DisCos, Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED), said the framework is necessary to align the sector towards commercial […]
Price of cooking gas drops in May — NBS
Businessam StaffJune 18, 2019
The National Bureau of Statistics (NBS) said that the average cost of refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas (Cooking Gas) dropped to N2,028.04 in May 2019 from N2,046.53 in April 2019. The NBS made the disclosure in its “Liquefied Petroleum Gas (Cooking Gas) Price Watch’’ for May released on Monday in […]
Energy shares power Wall Street higher
Businessam StaffJune 13, 2019
Gains in energy shares helped Wall Street’s main indexes snap two days of weakness and trade higher on Thursday, with hopes of an interest rate cut adding to the upbeat sentiment. Crude prices rose as much as 4%, a day after hitting five-month lows, after a suspected attack on two tankers in the Gulf of […]