Presidency meets power firms over electricity crisis
Businessam StaffJune 6, 2019
As the nation’s power sector remains in crisis mode, the Presidency has met with electricity distribution companies in a bid to resolve some of the issues affecting the electricity supply industry, our correspondent has learnt. It was gathered that the chief of staff to the president, Abba Kyari, had a meeting with the Discos last […]
GenCos release 3,919MW of electricity on June 3 — Report
Businessam StaffJune 5, 2019
Electricity Generating Companies (GenCos) comprising gas-fired and hydro stations released an average of 3, 919 MegaWatts (MW) of power into the national grid on Monday, a daily energy report has said. The report, which was compiled by the Advisory Power Team, Office of the Vice President, was made available to newsmen in Abuja. It said […]
Osinbajo to inaugurate W/Africa’s largest LPG cylinder manufacturing plant
Businessam StaffJune 4, 2019
Vice-president Yemi Osinbajo is to commission a cooking gas manufacturing plant in Lagos on June 7. The plant is the biggest of its type in West Africa. The chief executive officer of Techno Oil Group, Nkechi Obi, told reporters in Lagos on Tuesday that the building of the plant commenced in 2015. She said that […]
Senate flays FG for spending N11tr on fuel subsidies in six years
Businessam StaffMay 31, 2019
The Senate on Thursday flayed the payment of N11tn to oil marketers as subsidy in the last six years, stressing that the development, if not halted, could kill the nation’s economy. The upper chamber took the decision while considering the report of its committee on the downstream petroleum sector. The chairman of the committee, Kabir […]
Power ministry, firm sign 1.52MW solar plant deal
Businessam StaffMay 28, 2019
EM-ONE Energy Solutions has signed a contract with the Federal Ministry of Power, Works and Housing to design and install a 1.52 megawatts solar plant with a battery storage capacity of 2.26 megawatt-hours. The solar power plant will be mounted on carport and rooftop canopies and will generate 2.45 gigawatt-hours of energy annually, reducing the […]
223 firms bid for sale, purchase of gas
Businessam StaffMay 28, 2019
223 local and foreign companies on Tuesday offered to sell and purchase natural gas liquids in domestic and export market. The Nigerian National Petroleum Corporation, group managing director, Maikanti Baru, who was represented by the chief operating officer, Gas and Power, Saidu Mohammed presided over the bid opening ceremony in Abuja. The exercise was monitored […]
50% of power generated in Nigeria is stolen by customers, BEDC alleges
Businessam StaffMay 27, 2019
The Managing Director of the Benin Electricity Distribution Company (BEDC), Mrs. Funke Osibodu, has alleged that 50 per cent of power generated in Nigeria is stolen by consumers across the country. Osibodu who made the allegation yesterday during an interactive session with journalists in Benin, said that the act was being carried out through illegal […]
Gas production will ensure sustained profitability, Orjiako Seplat chairman assures
Afolabi OluwaseunMay 17, 2019
Leading indigenous oil and gas company, Seplat Petroleum Development Company Plc has assured stakeholders of the company’s determination to use their gas production divestment to remain profitable despite the volatile oil prices Speaking at the post AGM press briefing, A.B.C. Orjiako, the chairman, Seplat Petroleum said the company’s 2018 operational and financial performance reflected the […]
Oil prices set for weekly fall as U.S.-China trade tensions weigh
Businessam StaffMay 16, 2019
Oil prices edged up weekend as tightened global supplies overshadowed trade tensions stoked by a U.S. move to hike tariffs on Chinese goods. Prices were set to fall over the week, but gained in the session as investors believed a U.S.-China trade deal could still be reached and supply cuts worldwide continued to buoy prices, […]
Oil exports from Nigeria, Angola to U.S. hit 420,000bpd
Businessam StaffMay 16, 2019
The United States refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes, double that of April levels, data from Refinitiv Eikon has shown. Oil imports from Nigeria and other countries to the United States spiked as oil supply from Iran and Venezuela dried up, and as reduced OPEC […]