ECU Worldwide to begin first LCL shipment to Antwerp on August 6. The first shipment will move from Apapa Port to ECU Worldwide’s Antwerp hub via Hapag-Lloyd shipping line service. FMA-Line Nigeria Limited, a 100 percent subsidiary of ECU Worldwide in Nigeria, has started accepting consignments from the exporters at the Ijora Bonded Terminal of…
Oil Prices Finish Higher as U.S. Oil, Fuel Inventories Ease. Oil prices closed higher on Wednesday due to significant declines in U.S. crude and fuel stocks, despite concerns over weak global demand. This rise ended three consecutive sessions of decline, influenced by falling U.S. crude and fuel inventories and increasing oil supply risks from Canadian…
Expert Urges FG to Invest in Refinery Infrastructure Development. Emmanuel Iheanacho, Chairman of Integrated Oil and Gas Ltd., has called on the Federal Government to invest in refinery infrastructure development through private-sector partnerships. In an interview with news men on Tuesday in Lagos, Iheanacho emphasized the importance of building new refineries and upgrading and expanding…
Oil Prices Fall 2% to Six-Week Low on Ceasefire Talks, Demand Concerns. Oil prices dropped approximately 2% to a six-week low on Tuesday, driven by rising expectations of a ceasefire in Gaza and growing concerns about demand in China. Brent futures decreased by $1.39, or 1.7%, settling at $81.01 per barrel, while U.S. West Texas…
JTF Intercepts 14 Boats with Stolen Crude. The Niger Delta Joint Task Force, Operation Delta Safe, has destroyed multiple illegal refining sites in Abia State. The JTF Commander, Rear Admiral John Okeke, announced this in a statement released in Yenagoa on Sunday. Okeke reported that the task force intercepted 14 boats loaded with crude oil…
BP, PDVSA Rush to Complete Gas Deal Before Venezuela Election. British oil and gas producer BP, Venezuela’s state oil company PDVSA, and Trinidad and Tobago’s National Gas Company (NGC) are hastening negotiations to secure a Venezuelan license to develop natural gas deposits in the Caribbean Sea, according to four sources familiar with the matter. Last…
Safe Inland Ferry Services: “A Boost for Blue Economy Potentials” – Adalikwu Dr. Paul Adalikwu, Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), emphasized the potential of safe inland waterways ferry services to enhance the blue economy in African countries. At MOWCA’s recent Regional Workshop on Safety of Inland Waterways and…
Oil Market Likely to Be in Surplus Next Year, Morgan Stanley Says. Morgan Stanley predicts that the current tightness in the crude oil market will ease next year, leading to a surplus, with Brent prices expected to decline to the mid-to-high $70s range. The bank’s report, dated Friday, indicates that while the market will remain…
Turkey to Send Navy to Somalia After Agreeing Oil and Gas Search. Turkey is set to deploy naval support to Somali waters following an agreement between the two countries allowing Ankara to send an exploration vessel off the coast of Somalia to search for oil and gas. President Tayyip Erdogan submitted a motion to the…
Nigeria Produced 236m Barrels of Crude in Six Months – NUPRC. Data obtained from the Nigerian Upstream Petroleum Regulatory Commission confirmed that 44.2 million barrels of crude were produced in January, while the country pumped 38.3 million barrels of oil in February. Similarly, 38.1 million barrels were produced in March, and the monthly production for…
