Saudi Aramco Buys $3.4 Billion Stake in Chinese Petrochemical Firm Saudi Aramco said on Friday it had completed the purchase of a 10% stake in a Chinese petrochemical firm for the equivalent of $3.4 billion as the Saudi oil giant continues to expand its downstream footprint in one of its key export markets. Aramco successfully…
NNPCL Begins Remittance into Federation Account After Subsidy Removal In line with the provisions of the Petroleum Industry Act 2021, the Nigerian National Petroleum Company Limited has commenced the payment of dividend into the federation account. The NNPC Limited on Thursday begun the payment of interim dividend and PSC profit oil as part of the…
NNPCL Posted First Profit in 44 Years in 2020, Recording a Profit of N287 Billion from a Loss of N803 Billion Fresh facts emerging from the operations of the NNPC Ltd have provided new insight into the activities of the company, affirming that the firm actually made a whopping profit of N674.1 billion in 2021….
Vitol Urges UK Government to Boost Liquidity during Energy Crisis Giant commodity trader Vitol has urged the UK government to pump in extra liquidity at the height of last year’s energy crisis, Bloomberg has reported. Vitol CEO Russell Hardy “raised the idea that government intervention could support liquidity in the market” by “effectively incentivising sellers…
Operation Delta Safe Destroys 23 Illegal Refineries, Recovers 367,200 Litres of Crude The Joint Military Taskforce operating in the South-south, Operation Delta Safe, (OPDS) destroyed a total of 23 illegal refineries and recovered 367,200 litres of illegally acquired crude oil in the month of July 2023 alone, the Defence Headquarters has said. OPDS also recovered…
Oilfield Services Giants Signal Weaker U.S. Shale Drilling Two of the world’s top three oilfield service providers, Halliburton and Baker Hughes, reported on Wednesday consensus-beating profits for the second quarter, but both signaled softer demand for drilling on the North American market. Weaker North American performance was more than offset by stronger international businesses at…
Army Intercepts 80 Drums of Illegally Refined AGO in Rivers The Nigerian Army, 6 Division Garrison, has intercepted a truck laden with 80 drums of suspected illegally refined Automotive Gasoline Oil, commonly known as diesel, in Ahoada East Local Government Area of Rivers State. The Commander, 6 Division Garrison, Brig. General Eddie Effiong, said the…
Deregulation Promises Transparent Level Playing Field with Cost-Reflective Prices- MOMAN The Major Oil Marketers Association of Nigeria (MOMAN) reiterates its support for the policy of deregulation in the petroleum industry. It also acknowledges the challenges faced by the Nigerian public and extend deepest empathy to all citizens during this time. The international price of crude…
CISLAC Response to further Fuel Price Increase by NNPC Nigerians still remain the ultimate burden bearers of the government’s failure to take effective preliminary, decisive and demonstrable actions towards addressing oil and gas sector challenges. Citizens have been taken for a joy ride and lied to at every step of the way by various beneficiaries…
Kyari Reacts as Petrol Prices hit 617 Per Litre The Group Chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC), Mele Kyari has attributed the recent surge in petrol pump prices, now standing at N617 per litre, to market forces. Speaking to state house correspondents after a meeting with Vice President Kashim Shettima…