FG Negotiates Ajaokuta Steel Contractual Dispute Down to $496m The Federal Government of Nigeria has announced that it has been able to settle the long-standing contractual dispute on Ajaokuta Steel with a foreign investor group after reducing mediation to $496m from $5.28bn. A statement issued by Dr Umar Gwandu, special assistant to the Attorney General…
German Manufacturing Might Crumble if Energy Crisis Persists Manufacturers might begin exiting Germany in light of rising energy costs as car parts, chemicals, and steel get too expensive to produce cost-effectively. Manufacturers might begin exiting Germany in light of rising energy costs as car parts, chemicals, and steel get too expensive to produce cost-effectively The…
CPC Blend Oil Exports Revised Down 22% for September Black Sea CPC Blend crude oil BFO-CPC exports were revised down to 3.997 million tonnes for September from 5.153 million tonnes in a preliminary plan, a loading schedule showed on Monday. On a daily basis CPC Blend oil exports were revised down by some 22% from…
Petrol Scarcity Looms as IPMAN Stops Supply Scarcity of the Premium Motor Spirit (PMS) petrol is imminent in the Federal Capital Territory (FCT), Kaduna, Nasarawa, Kogi, Niger and others as the Suleja Depot branch of the Independent Petroleum Marketers Association of Nigeria (IPMAN ) started a three-day warning strike. Its chairman, Alhaji Yahaya Alhassan, who…
Oil Prices Climb More Than $1/Bbl Ahead Of OPEC+ Meeting Oil prices jumped over $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day. Brent crude futures rose $1.88, or 2%, to $94.90 a barrel by 0345…
Power: NAEC Dissociates Southeast from 14 Electricity Non-paying Communities The Nigerian Association of Electricity Consumers (NAEC), South East Zone, has dissociated the entire zone, including the five state governments in the area, from the reported refusal of some 14 communities in Obingwa Local Government Area of Abia State to pay electricity bills to Aba Power…
Russia Delays Reopening of Nord Stream 1 in Blow to Gas-Starved Europe Russia has scrapped a Saturday deadline to resume gas flows via the Nord Stream 1 pipeline, one of the main supply routes to Europe, after saying it discovered a fault during maintenance, deepening Europe’s difficulties in securing fuel for winter. Nord Stream 1,…
GCR Affirms Axxela’s Long-Term and Short-Term Issuer Rating of A-(NG)/A2 (NG), with a Revised Outlook to Positive Axxela Limited (“Axxela”), one of the leading energy solutions providers in Sub-Saharan Africa, has announced the upward revision by Global Credit Ratings (GCR) of Axxela’s national scale long-term issuer rating of A- from Stable to a Positive Outlook….
NNPCL Faults Customs claim on Fuel Consumption The Nigerian National Petroleum Company (NNPC) Limited has reacted to a claim by the Comptroller-General of Customs, Hameed Ali, that the figures released by the state oil company for the daily consumption of premium motor spirit (petrol) in the country is inflated. Speaking last Thursday when he appeared…
Russia Says it will Stop Selling Oil to Countries that Set Price Caps The Kremlin said on Friday that Russia would stop selling oil to countries that impose price caps on Russia’s energy resources – caps that Moscow said would lead to significant destabilisation of the global oil market. “Companies that impose a price cap…
