IPMAN Backs Privatization of Nigeria’s Four Refineries The Independent Petroleum Marketers Association of Nigeria, IPMAN has thrown its weight behind the call for the privatization of the nation’s four refineries, for efficiency and optimal capacity operation. The Port Harcourt and Kaduna refineries were sold in May 2007 by former President Olusegun Obasanjo to Dangote and…
Canada Set to Add Nearly 600,000 Bpd to Oil Supply Next Year Global consulting firm Deloitte has predicted that Canadian oil producers will enjoy higher crude prices next year when the TMX pipeline begins transporting about 590,000 bbl/d for export. A large chunk of these additional exports is expected to go to markets outside the…
AFREXIM, ICRC Approve $1.2bn for Moribund Burutu Port The African Import Export Bank, AFREXIM Bank, in collaboration with the Infrastructural Concession Regulatory Commission, ICRC, have approved a $1.2billion loan facility to rehabilitate the moribund Burutu Port in Delta State. Disclosing this at the just concluded Nigerian Port and Trade Investment Forum held in Lagos an…
Russian oil and gas budget revenues more than doubled in October In October, Russia’s oil and gas revenues more than doubled to 1.635 trillion roubles ($17.63 billion) from 739.9 billion roubles in September, according to data from the finance ministry. These revenues, which have accounted for over 28% of the total Russian budget proceeds this…
OPEC Daily Basket Price Stood At $97.08 a Barrel Wednesday The price of OPEC basket of 13 crudes stood at $97.08 a barrel on Wednesday, September 27, 2023, compared with $94.47 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria),…
Afreximbank Turns to Oil Traders to Obtain $3bn Loan for NNPC Cairo, Egypt-based African Export-Import Bank (Afreximbank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company NNPC Limited aimed at supporting the naira and stabilising the foreign exchange market. The naira hit an all-time low of 1,000 to the…
Russia’s Crude Oil Exports Drop amid Terminal Maintenance Due to port maintenance works, Russian crude oil exports by sea dipped by around 100,000 barrels per day (bpd) to 3 million bpd last week and by 100,000 bpd to 3.2 million bpd in the four weeks to September 24, tanker-tracking data monitored by Bloomberg showed on…
40B USD Deal with U.S. Companies Kickstarts Poland’s Nuclear Power Ambitions Poland’s first nuclear power plant moved forward on Wednesday with the signing of a deal between the Polish government and a consortium of U.S. companies including Westinghouse and Bechtel. The nuclear plant will be built in the Pomerania region near the Baltic Sea and…
Saudi Arabia Forms Joint Venture With Greece to Link Power Grids Saudi Arabia has signed a deal with Greece for the establishment of a jointly-owned company to link up the two countries’ power grids with the goal of supplying Europe with clean energy, Reuters reports. The new company, Saudi Greek Interconnection, joins Greece’s IPTO and…
Court Upholds Order to Expand Oil and Gas Lease Sale in the Gulf of Mexico The 5th U.S. Circuit Court of Appeals in New Orleans has upheld a lower court’s order that the U.S. Administration should hold an expanded oil and gas lease sale in the Gulf of Mexico as initially intended but gave the…
