A cap on the price of petroleum products is the major reason the downstream oil sector, especially domestic refining, has remained undeveloped, Head Energy Research, Eko Bank Limited, Dalapo Oni, has said. In an interview, he said once the government fully deregulates the sector, private refineries would sell at market-determined prices to make profit. According to him, refineries would continue … Read More
How to Ensure Petrol Price Stability
The recent call by former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) faulting the N145 petrol price cap has stirred a new wave of controversy among stakeholders and Nigerians in general. The NNPC GMDs forum, a body comprising former GMDs of NNPC and the incumbent NNPC GMD, Dr. Maikanti Baru, had last week, expressed reservation over the … Read More
Hike in PMS Price Is Inevitable, Says IPMAN
The speculation about possible increase in price of Premium Motor Spirit, PMS, otherwise known as petrol, may hold some substance as the Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday warned of threat to product availability in the country. This came as expert blamed marketers of insensitivity to price moderation when government placed a cap on petrol price in May. … Read More
FG Stops Customers From Buying Transformers
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