The federal government has ordered electricity Distribution companies (Discos) to stop customers from buying transformers, saying that is the Discos’ responsibilities. The Minister of Power, Works and Housing, Babatunde Fashola, issued the order when he received the new Managing Director of Abuja Electricity Distribution Company (AEDC), Mr Ernest Mupwaya, yesterday. He said: “Private purchase of transformers must stop because that … Read More
Attempt by Vandals to Invade Lagos Waterways Repelled
Barely a month after the pipeline vandals were dislodged in Ogun and Lagos creeks by the military through aerial bombardments, they again regrouped and attempted to invade some areas in Lagos. The vandals were said to have attempted to storm areas like Igando, Iba, FESTAC Town and Monkey village through the waterways, simultaneously, but they were repelled by the superior … Read More
FG Okays Loans From World Bank, China, Japan.
The Federal Government has approved plans for external loans from the World Bank, China and Japan. It specifically said Nigeria would take loans from institutions such as the World Bank, African Development Bank, Japan International Cooperation Agency, and Export-Import Bank of China, Bloomberg reported on Thursday. This will include low-cost and long-term loans with interest rates of 1.25 per cent … Read More
Chemex Modular to Help Nigeria Expand Refining Capacity
Chemex Modular reached terms in principle with its longtime client and business partner Niger Delta Petroleum Resources Ltd (NDPR) to expand NDPR’s existing refining capacity from 1,000 bpd to 11,000 bpd. In addition to its existing diesel only (automotive gas oil) production capacity, the expanded refinery will allow NDPR to supply increased diesel capacity, jet fuel, gasoline, and marine diesel … Read More
PPPRA, Major Marketers Insist Current Price Band is Appropriate
The Petroleum Products Pricing Regulatory Agency (PPPRA) and key oil marketers in Nigeria’s downstream petroleum sector have said that the current fundamentals guiding the importation and sale of petrol in the country were still favourable for petrol to be sold within the government approved pump prices of N135 to N145 per litre. The PPPRA and marketers, which include the Nigerian … Read More
Siemens Nigeria Builds €3m Facility, Boosts Local Content
Siemens Limited Nigeria has inaugurated a new facility in Port Harcourt to increase local capacity in the Nigerian oil and gas industry. The company said it invested about €3m in the facility and developed it according to international specifications and standards. It said the Siemens Port Harcourt Service facility was equipped to repair and overhaul highly sophisticated equipment that would … Read More
New Gas Policy, Oil Sector Roadmap Underway – Kachikwu
Minister of State for Petroleum Resources Dr. Ibe Kachikwu on Thursday said the federal government is vigorously driving the process for the passage of the various component of the Petroleum Industry Bill (PIB) as part of efforts to ensure stability of the environment oil majors and other stakeholders operate. Kachikwu said efforts are on to unveil the new national gas … Read More
FG Targets 70% Petroleum Products Export – Ibe Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has restated government’s commitment to increase petroleum products exports by 70 per cent as a measure to earn more foreign exchange. Kachikwu, who made this commitment during his maiden visit to the Department of Petroleum Resources (DPR), said government is preparing a robust policy document that is focused on repositioning … Read More
It’s Vital to Restore Pre-sanctions Oil Output – Iran President
Iran’s President said he supports efforts by OPEC to stabilize oil prices, while reiterating that the country must restore production lost during years of sanctions. “Iran had suffered greatly under sanctions,” Hassan Rouhani said, according to a statement on OPEC’s website citing the Iranian president. Therefore it is “vital for the country to make up its lost oil production,” he … Read More
Petrol Price Hike on Hold, Buhari Meets Kachikwu, Baru
Nigerians may heave a sigh of relief as the federal government said monday that an increase in the price of petrol was not yet on the card in spite of the clamour for a hike by marketers of the product. Relief came the way of Nigerians through separate statements by the Minister of State for Petroleum, Dr. Ibe Kachikwu, and … Read More